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SocGen CEO Resigns Over Rogue Trader

Bouton steps down at last; future remains grim for French bank

By Jason Farago,  Newser Staff

Posted Apr 18, 2008 4:59 AM CDT
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(Newser) – The CEO of Société Générale will step down, at last bowing to pressure in the wake of the $7.8 billion rogue trading scandal. Although investors and politicians—including French President Nicolas Sarkozy—had demanded Daniel Bouton's resignation immediately after the revelation of Jérôme Kerviel's massive fraud, the bank had insisted he stay on to keep SocGen from collapse, reports the Financial Times.

The new CEO of France's second-largest bank will be Frédéric Oudéa, 44, since Bouton's chosen successor was tarnished by the Kerviel scandal. SocGen has tried to put a brave face on the Bouton resignation, saying it is "turning a page." But predators continue to circle SocGen, and one insider told the newspaper that a recent internal report had "severe" conclusions about the bank's future.

Daniel Bouton, chairman of Societe Generale and president of the French Banking Federation, talks about the financial crisis and the regulation of the banking systems at the finance commission of the National Assembly, Wednesday April, 9, 2008 in Paris. At right is Didier Migaud, head of the finance commission.
Daniel Bouton, chairman of Societe Generale and president of the French Banking Federation, talks about the financial crisis and the regulation of the banking systems at the finance commission of the...   (AP Photo/Jacques Brinon)
A woman braves the wind outside the Societe Generale headquarters, Wednesday Jan. 30, 2008 in La Defense, outside Paris.
A woman braves the wind outside the Societe Generale headquarters, Wednesday Jan. 30, 2008 in La Defense, outside Paris.   (AP Photo/Thibault Camus)
Daniel Bouton, chairman of Societe Generale, has resigned as CEO.
Daniel Bouton, chairman of Societe Generale, has resigned as CEO.   (AP Photo/Jacques Brinon)
People leave the Societe Generale bank headquarters Wednesday outside Paris in this Feb. 20, 2008 file photo.
People leave the Societe Generale bank headquarters Wednesday outside Paris in this Feb. 20, 2008 file photo.   (AP Photo/Remy de la Mauviniere, file)
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Why is Bouton staying on as chairman?
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Money • World

 
France • resignation • bank fraud • Jérôme Kerviel • Société Générale • Daniel Bouton • rogue trader

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