Keyword: Société Générale

French central bank okays closure of Le Pen accounts

Head of far-right Front National accused banks of 'banking fatwa' after Société Générale and Crédit du Nord shut down her party's accounts.

French bank to cut jobs as costs rise

Société Générale unveils 1.1 billion euros savings plan that will cut 900 jobs in its French retail bank and close 300 branches.

French far-right leader denounces 'fatwa' after banks close accounts

Marine Le Pen, leader of France's far-right Front National party, has denounced what she called a 'fatwa' by banks against her and her movement  after it was announced that the Société Générale closed her party's accounts after a reported three decades of business, and HSBC closed down her personal account.

French magistrates seek end to SocGen trader Kerviel's case over cover-up

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The Paris public prosecutor’s office has recommended that three complaints for forgery and use of falsified documents, for obtaining a ruling under false pretences and for subornation of a witness lodged by former trader Jérôme Kerviel against the Société Générale bank be dismissed. Kerviel, whose high-risk trading was revealed in January 2008 to have cost the bank almost 5 billion euros, has fought a long-running legal battle for the recognition of the responsibility of the Société Générale in his reckless trades, already partly established in court. A senior police officer who twice led investigations into the case and who denounced the bank’s manipulation of investigators, Commander Nathalie Le Roy, has told Mediapart that the decision to throw out Kerviel’s remaining legal action comes as no surprise. Ostracised by her hierarchy, she tells Mediapart that she has no regrets for blowing the whistle on what increasingly appears to be a cover up. Martine Orange reports.

SocGen faces 2.2 bln tax break refund over its responsibility in 'rogue trader' losses

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A 'rogue' trader no more: Jérôme Kerviel. © Reuters A 'rogue' trader no more: Jérôme Kerviel. © Reuters

In a ruling by the Versailles court of appeal on Friday, French bank Société Générale was found to have been in large part responsible for the 4.9 billion euros in losses attributed to the reckless trades of its so-called “rogue trader” Jérôme Kerviel in 2008. The court ruling concerned Kerviel’s appeal against the damages he was required to pay the bank, which until now was fixed as the entire sum of the losses, and which it reduced to 1 million euros. Mediapart economics and finance correspondent Martine Orange analyses here the many consequences of the ruling, not least of which is the demand that the bank now pay back a 2.2-billion-euro tax break it was granted as a result of the sums lost.

French court slashes SocGen trader Jérôme Kerviel's damages to bank

The Versailles appeal court ruled that Kerviel, who was previously ordered to pay back 4.9 billion euros he was accused of having cost the Société Générale in rogue trading in 2008, should now pay back just 1 million euros.

Questions grow over SocGen's 2.2 billion euro tax rebate in Kerviel affair

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Part of a key report on the Kerviel affair that was ignored then shredded. Part of a key report on the Kerviel affair that was ignored then shredded.

Was Société Générale's determination to hold on to a 2.2-billion-euro tax rebate partly behind the French bank's motivation to pursue its “rogue trader” Jérôme Kerviel with such zeal? That is a question raised by a report written for French prosecutors in May 2008 and now seen by Mediapart and other French media as part of a joint investigation. As Martine Orange reports, it appears this important report was first ignored by the judicial authorities and then shredded.

SocGen ex-trader Jérôme Kerviel wins 455,000 euros for unfair dismissal

A Paris employment tribunal found that the bank knew of Kerviel's reckless trades that lost it 4.9 billion euros, and gave him back a yearly bonus never paid.

Paris prosecutor admits SocGen 'entirely manipulated' case against trader Kerviel

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Jérôme Kerviel. © Reuters Jérôme Kerviel. © Reuters

New and compelling evidence has emerged to suggest that the conviction of the Société Générale’s so-called ‘rogue trader’ Jérôme Kerviel, who was jailed for his actions that were estimated to have cost the bank 4.9 billion euros, is unsound and was reached after a botched and biased investigation steered by the bank, Mediapart can reveal. The latter claimed that Kerviel’s superiors knew nothing of his reckless trades. But in a secretly-taped conversation, a senior magistrate with the Paris public prosecutor’s office involved in the case says the police officer in charge of the investigation was “entirely manipulated” by the bank, and that it was “obvious” that “the Société Générale knew” what its trader was doing. Martine Orange reports.

Exclusive: the dramatic new evidence set to reopen SocGen 'rogue trader' Kerviel case

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Jérôme Kerviel, en avril 2012 © Reuters Jérôme Kerviel, en avril 2012 © Reuters

In January 2008, French bank Société Générale announced it had lost 4.9 billion euros through the reckless actions of one of its traders, Jérôme Kerviel, claiming it had been unaware of his actions. Kerviel, who maintained from the start that his hierarchy knew what he was doing, received a jail sentence for forgery, fraud and hacking, and was ordered to pay the bank, in damages, the huge sum it lost. But last month, Mediapart can reveal, the former head of the French police’s financial crime squad, who led its investigation of the events and who was once convinced of the bank’s claims that Kerviel acted on his own, has given a statement to a French judge in which she details why she later became convinced, during her second investigation into the affair in 2012, the trader's bosses knew of his actions. Commander Nathalie Le Roy said she now feels she had been “used” by the bank in the 2008 investigation, how it later held back key evidence she requested, of witness accounts that Kerviel’s superiors were already made aware in 2007 of his extravagant trades, of allegations that Société Générale staff were made to sign gagging agreements and revealed that its claimed losses have never been independently verified. Martine Orange reports on a dramatic turnaround in the affair which appears bound to reopen the case.

French rogue trader Kerviel to be freed from jail

Court rules that 'rogue trader' who lost his bank nearly five billion euros can be freed on Monday, after serving 100 days of a 3-year term.

French bank shuts branches during long summer lull

The country's second-biggest listed bank, Societe Generale, 'experiments' with temporary closures as internet banking starts to take hold.

French bank accused of rigging evidence against 'rogue trader' Jérôme Kerivel

Jailed trader says Société Générale edited tape of interview they carried out with him after his losses were uncovered.

SocGen trader Kerviel arrested in France

The convicted former trader was arrested when he crossed into France from Italy shortly before deadline set to begin three-year prison sentence.

Convicted trader Kerviel says will return to France after all

The trader, 37, who was convicted in 2010, decided to return to France after trek to Rome and is soon expected to start 3-year jail term.