a Sift Media publication

French rogue trader costs Societe Generale £3.7 billion

Posted by AccountingWEB in Financial reporting, In business on Thu, 24/01/2008 - 17:48

French bank Societe Generale announced this morning it has been the victim of massive fraud committed by one of its Paris-based trader. The gallic Nick Leeson concealed £3.7 billion of losses, a sum over four times greater than his Watford predecessor. The bank also revealed £1.5 billion of losses related to sub-prime US mortgages.

The Financial Times has named the rogue trader as Jerome Kerviel, 31, who worked in the bank’s Delta One products team.

To read the rest of the article you'll need to log in below

If you've forgotten your details click here for a reminder.

If you haven't got an account, it's free to set up and only takes a minute,
click here to register