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Société Générale will not be taken over says boss

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Société Générale will not be taken over says boss

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Despite being hit by the world’s worst financial trading scandal, Societe Generale is strong enough to remain independent, according to its boss. Daniel Bouton spoke out against takeover speculation as workers at the troubled bank staged an impromptu demonstration in his defence.

He told French television that although it had suffered an enormous loss, Societe Generale had remained in profit. It blames junior trader Jerome Kerviel for losses of nearly five billion euros.

A search has been carried out and items removed from an apartment in Paris believed to belong to his brother, Olivier. Jerome Kerviel is under formal investigation for breach of trust and other misdeeds. But judges threw out the more serious accusation of attempted fraud.