Societe Generale
Lagarde: SocGen losses due to poor op risk
Daily news headlines
SG downgrade throws shadow over structured products
The €4.9 billion loss at Société Générale (SG), blamed by the bank on a single rogue trader, has drawn attention to counterparty credit risk within the structured products industry.
French finance ministry releases SG post mortem
The French finance ministry called for better risk management and oversight at Société Générale (SG), and heavier fines for non-compliant banks, in a preliminary report issued today.
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EDITOR'S LETTER
SG gives details of fraud, but questions remain
Société Générale has released more details of the rogue equity index trades that cost it €4.9 billion, alongside news that the bank was first alerted to the trades as far back as November 2007.
Rogue Trader costs Soc Gen €4.9 billion
Daily news headlines
€4.9 billion fraud at Société Générale
Société Générale has suffered a €4.9 billion loss from rogue dealing by one of its equity index futures traders, forcing it into a €5.5 billion rights issue.
Shake-up at SG follows rogue trader losses
Top management at Société Générale has been reshuffled in the wake of the rogue trades which cost the bank €5 billion in losses this month.
Société Générale and Calyon launch new brokerage
Société Générale and Calyon have merged the brokerage activities of their respective subsidiaries, Fimat and Calyon Financial, and launched a new brokerage house called Newedge, based in Paris. The two banks will equally control Newedge and have…
SG CIB names head of capitalraising and financing for Asia excluding Japan
Société Générale Corporate & Investment Banking (SG CIB) has named Ashley Wilkins as head of capital-raising and financing for Asia excluding Japan. His responsibilities will involve managing structured finance, hedging and capital market activities for…
SG CIB adds to Middle East fixed-income team
Société Générale Corporate & Investment Banking (SG CIB) has made two appointments within its fixed income, currencies and commodities division to boost Middle Eastern sales coverage while further developing finance products for Islamic investors.
SocGen names northern Europe structured sales head
Société Générale Corporate and Investment Banking (SG CIB) has appointed Marc El Asmar as head of equity derivatives structured product sales and distribution for northern Europe.
SG appoints new hedge fund head
David Escoffier has replaced Dan Fields as head of Société Générale's hedge fund group.
SGAM seizes opportunity from subprime turmoil
Société Générale Asset Management (SGAM) has become the latest fund manager to set up a strategy aimed at reaping the benefits of valuation discrepancies caused by the fallout from the US subprime mortgage market.
Wachovia hires SocGen equity derivatives banker
Michael Collins has joined Wachovia Securities as head of its corporate equity derivatives origination team.
SocGen creates new regional e-commerce role
Société Générale has added to its fixed-income, currencies and commodities e-commerce team, hiring a new regional head.
SG CIB appoints global head of export finance
Société Générale Corporate and Investment Banking (SG CIB) has appointed Denis Stas de Richelle as global head of export finance. He has replaced Frédéric Genet, who has become senior banker within the corporates, institutions and advisory division.
SocGen and Calyon agree to merge derivatives brokerages
Société Générale and Calyon have signed an agreement to merge their futures and options brokerages, Fimat and Calyon Financial.
SG CIB creates integrated swap group
Société Générale Corporate and Investment Banking (SG CIB) has created an integrated swap group to extend its franchise in the flow rates business in Europe.