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Societe Generale board debates firing boss

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Societe Generale board debates firing boss

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The career of Daniel Bouton as chairman of France’s second biggest bank Societe Generale hangs in the balance. Facing growing political pressure, board members are meeting in the wake of the rogue trading scandal which lost the bank billions of euros. They will decide whether he should go.

Meanwhile, rumours are growing of a take-over bid of Societe Generale by France’s biggest listed bank, BNP Paribas. Jerome Kerviel, the 31-year-old trader whose unauthorised bets led to the biggest trading loss in history, is under investigation for breach of trust and other alleged misdeeds.

He denies accusations he acted alone, saying the bank cast a “complacent look’‘ on his practices as long as it was making money.