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French savings bank boss quits

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French savings bank boss quits

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The Chairman of the French savings bank Caisse d’Epargne has resigned over the loss of 600 million euros in what’s been termed a “trading incident.”

In a statement, Charles Milhaud said he accepted full responsibility for the loss. He is expected to leave without a payoff.

The bank’s director general and chief finance officer are also said to have stood down.

News of the loss was made public last Friday after plans were revealed for the Caisse d’Epargne to merge with another mutual, Banque Populaire.

Officials expect the merger to still go ahead, creating one of France’s largest banks with 480 billion euros in deposits.