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SOCIÉTÉ GÉNÉRALE

Soc Gen rogue trader Kerviel loses appeal

A French court rejected an appeal Wednesday by rogue trader Jérôme Kerviel against the three-year jail term and €4.9 billion fine he got in a fraud case that nearly ruined Société Générale bank.

Published: 24 October 2012 13:58 CEST

The Paris court upheld the five-year jail sentence Kerviel got in 2010, two of which were suspended, and confirmed that he was obliged to pay back the billions his gambles cost the bank.

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SOCIÉTÉ GÉNÉRALE

France’s Societe Generale to cut 1,500 jobs: report

French banking group Societe Generale is planning to cut 1,500 positions in its BFI corporate and investment banking arm, Le Figaro newspaper reported on Saturday.

Published: 23 February 2019 16:27 CET
France's Societe Generale to cut 1,500 jobs: report
Societe Generale CEO Frederic Oudea at the Climate Finance Day and Global Roundtable in Paris on November 26, 2018. Photo: ERIC PIERMONT / AFP
Citing internal bank documents, the paper said the bank was looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with around 700 of them in France.
 
The company said in a statement on Saturday it was still reviewing activities in its corporate and investor client business so it was not possible to comment on the impact on jobs.
 
“We have an ongoing dialogue with our unions and will consult them on our projects and their impact as soon as the review is completed in the coming weeks,” the bank said.
 
French CGT union representative Philippe Fournil could not confirm the information, but said the bank's management had on Thursday indicated it was still reviewing activities within that business.