An article relating to this blog post on Finextra:
Rogue trader costs Société Générale EUR5bn - back office controls skirted
French banking group Société Générale (SocGen) is reporting a massive EUR4.9 billion in losses perpetrated by a rogue trader who used to work in its middle office division and who used loopholes in co...
See article
This just in: January 2008, Incisive Media's annual Risk Awards black-tie dinner.
"Last year was the most volatile since 1998, with rising delinquencies in the US subprime mortgage market causing banks to rack up billions of dollars in losses. Risk recognises those institutions that weathered the storm, and continued to provide liquidity
and structuring know-how to clients."
And the winner of the Equity Derivatives House of the Year Award?
Take a bow SocGen.
"For me, it was more important to be there for clients rather than worry about any mark-to-market losses on a few trading positions," says Christophe Mianne, SG CIB's head of market activities, covering equity, derivatives, fixed income, currency and commodities
in Paris. "Our reputational franchise is worth far more than any loss during one month."
Just as well really.