Defying pressure from the French government, Société Générale's board of directors today unanimously voted to keep co-chief executives Daniel Bouton and Philippe Citerne in their jobs. About 100 employees endorsed the sentiment by leaving the embattled bank's headquarters and standing on the sidewalk in a show of support for Bouton, reports the Wall Street Journal.
The French government has been gunning for Bouton's resignation in the wake of the trading fraud that cost the bank $7.2 billion, but the exec has strong in-bank support. "In the US, Japan or the UK, he would have to go. Here, no," says an employee-elected board member. The bank also plans to set up an independent committee to investigate the losses.