A report into the rogue trading scandal at Société Générale due Friday will criticise the culture and behaviour of France’s second-biggest bank. The report, by the bank’s special committee of three non-executive directors, is expected to detail how the bank flouted its own controls, making it easier for Jerôme Kerviel, former trader, to build up €50bn ($79bn) in alleged unauthorised positions.
The report will portray a bank in which enforcing controls was not a priority, as it sought to grow its investment banking business. But the author-directors will be treading a fine line between reassuring shareholders that they have been critical enough while not throwing the bank into more turmoil.

This entry was posted by Gwen Robinson on Thursday, May 22nd, 2008 at 5:38 and is filed under Capital markets, People. Tagged with SocGen. Edit this entry.