Francois departs SG following trading losses


Luc Francois stepped down from the position of head of global equities derivatives at Societe Generale, a day or so before the bank revealed publicly the "exceptional fraud in a sub-section of its market activities" on January 24 (see News section, page 4).

On January 24, SG chairman Daniel Bouton announced that the group's board of directors had approved his "decision to terminate the mandates of the managers, including the executive managers, involved in the breakdown of the supervision systems

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