This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7417630.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| SocGen trader 'may have had help' | SocGen trader 'may have had help' |
| (30 minutes later) | |
| The rogue trader at the heart of a multi-billion euro scandal at French bank Societe Generale may have had help from a colleague, a report has said. | The rogue trader at the heart of a multi-billion euro scandal at French bank Societe Generale may have had help from a colleague, a report has said. |
| Another trader could have assisted suspect Jerome Kerviel according to an internal investigation at the firm. | Another trader could have assisted suspect Jerome Kerviel according to an internal investigation at the firm. |
| Rogue trades discovered earlier this year cost the firm 4.9bn euros ($7.7bn; £3.9bn) and led to an 82% fall in its profits last year. | Rogue trades discovered earlier this year cost the firm 4.9bn euros ($7.7bn; £3.9bn) and led to an 82% fall in its profits last year. |
| Preliminary findings had suggested that Mr Kerviel had acted alone. | Preliminary findings had suggested that Mr Kerviel had acted alone. |
| The report, compiled by three independent directors, said that "several" of Mr Kerviel's fraudulent transactions were processed by an unnamed assistant trader. | The report, compiled by three independent directors, said that "several" of Mr Kerviel's fraudulent transactions were processed by an unnamed assistant trader. |
| An electronic message indicated the assistant knew the result of Mr Kerviel's "fraudulent transactions", the report said. | An electronic message indicated the assistant knew the result of Mr Kerviel's "fraudulent transactions", the report said. |
| Wrongdoing denied | Wrongdoing denied |
| The bank's management was accused of being "negligent" in not identifying the problem, the report said. | The bank's management was accused of being "negligent" in not identifying the problem, the report said. |
| It also found that Mr Kerviel's direct supervisor was inexperienced, with insufficient support to do his job properly. | It also found that Mr Kerviel's direct supervisor was inexperienced, with insufficient support to do his job properly. |
| "The fraud was facilitated, or its detection delayed, by supervisory weaknesses over the trader and the market activities checking," it said. | |
| "The trader's hierarchy, which constituted the first control level, showed itself negligent in the supervision of his activities." | |
| Mr Kerviel's supervisor "showed inappropriate tolerance to the positions taken", it added. | |
| Mr Kerviel, who is on bail, faces charges including a breach of trust, fabricating documents and illegally accessing computers. He has denied any wrongdoing - saying that the bank was fully aware of his transactions. | |
| Another report into the affair, written by PricewaterhouseCoopers, is also due to be released on Friday. | Another report into the affair, written by PricewaterhouseCoopers, is also due to be released on Friday. |