Escoffier credits customer support for SG

Speaking as he accepted the Risk award for equity derivatives house of the year last night, David Escoffier, head of global equities and derivatives for London and head of the bank's hedge fund group, credited SG's clients with helping to keep the bank afloat after its rogue-trading losses earlier this month.

"It is incredible the amount of support we have received from customers recently. It is because of the size of our client base and our innovation capabilities that we won this award today," Escoffier said. He also credited other banks and financial institutions with "being very helpful and showing fair play in various capacities".

He told the audience in London that he was "saddened and angered" by the discovery of the unauthorised trades, which cost the bank €4.9 billion this month.

The Derivatives House of the Year award was collected by Bill Winters, co-chief executive of JP Morgan's investment bank.

See also: SG gives details of fraud, but questions remain
Weathering the storm
Derivatives House of the Year - JP Morgan
Equity Derivatives House of the Year - Société Générale