Societe Generale uncovers 4.9 billion euro fraud by trader

01/24/2008 | Agence France-Presse · Reuters · Reuters

Societe Generale revealed that fraud committed by a rogue trader will have a negative impact of €4.9 billion. Following the disclosure, trading in shares of the bank was suspended on the Paris stock exchange and the Bank of France said it plans to investigate the fraud. Additionally, the French bank announced it plans to raise €5.5 billion after taking a €2.05 billion writedown on credit-related losses. Also, the bank's board has rejected chairman and CEO Daniel Bouton's proposal to resign.

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Agence France-Presse · Reuters · Reuters

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