SocGen – News Stories About SocGen - Page 1

Sep 14, 2011 4:17 AM CDT

Moody's Downgrades French Banks

Greek debt crisis hits SocGen, Credit Agricole

(Newser) - The Greek debt crisis has hit the credit rating of two of France's biggest banks. Moody's has downgraded Societe Generale and Credit Agricole by a notch, and warned the country's biggest bank, BNP Paribas, that it may be next in line. The banks have seen their share...

Jerome Kerviel, Societe Generale Rogue Trader, Jailed

SocGen Rogue Trader Guilty; Must Repay $6.7B

Oct 5, 2010 5:30 AM CDT

SocGen Rogue Trader Guilty; Must Repay $6.7B

Kerviel will serve 3 years in prison in bank meltdown

(Newser) - A trader who brought Societe Generale to the brink of collapse in 2008 has been sentenced to three years in prison and ordered to repay the $6.7 billion his unauthorized trades cost the French bank. Jerome Kerviel, 33, was found guilty of breach of trust and computer hacking and...

Rogue Trader to Sue SocGen

Apr 3, 2008 8:49 AM CDT

Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

(Newser) - The rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was...

Second SocGen Broker Held in Kerviel Probe

Mar 12, 2008 10:23 AM CDT

Second SocGen Broker Held in Kerviel Probe

Could derail rogue trader's chances of getting released

(Newser) - Authorities have taken a second Societe Generale employee into custody and conducted a search of La Defense headquarters, as the probe into unauthorized securities trading that cost the French bank $7.6 billion expands, reports Bloomberg. Police are holding a broker from a bank subsidiary, said a SocGen spokeswoman. Another...

SocGen Posts Record $4.9B Q4 Loss

Feb 21, 2008 9:54 AM CST

SocGen Posts Record $4.9B Q4 Loss

Subprime writedowns and fraud drop bank's annual profit 82%

(Newser) - Societe Generale's annual profits plummeted a whopping 82% after a record $4.9 billion fourth quarter loss fueled by subprime woes and the actions of rogue trader Jerome Kerviel, reports Bloomberg. France’s second-largest bank today said net income was 947 million euros, compared to 5.22 billion euros in...