Societe Generale
Genius or blunder?
As more details emerge on the rogue trading scandal that caused a EUR4.9 billion loss, Société Générale appears more a victim of risk management failures than of a genius of fraud. But is this case a one-off, or are other institutions similarly…
Confirmations in the spotlight
Back office
New biometric access system for SG
Daily news headlines
Kerviel acted alone, SG report finds
The Société Générale (SG) investigation into rogue trader Jerome Kerviel has found no evidence of an accomplice, but criticises the bank's oversight teams for failing to take the initiative in following up 93 alerts triggered by his unauthorised trades.
Société Générale gets a cash infusion
Société Générale (SG) is the latest of several banks to raise money through the capital markets after suffering multibillion-dollar losses. Unlike several Wall Street banks issuing mandatory convertibles, the French bank will sell stock and give current…
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.
Finding a niche
Energy and Commodity Rankings 2008: Energy
Now it's op risk's turn to take centre stage
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.