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SocGen losses traced back to 2005 SocGen's controls 'lacked depth'
(about 1 hour later)
The first evidence of rogue trades that led to billions of euros of losses at French bank Societe Generale dates back to 2005, internal investigators say. An internal investigation into billions of euros of losses at Societe Generale has found that controls at the French bank "lacked depth".
The bank set up the independent committee to investigate the 4.9bn euros ($7bn; £3.7bn) losses. The results of the investigation also show that rogue trades were first made back in 2005.
The bank blames former employee, Jerome Kerviel, for the losses saying he covered up unauthorised trades. The bank set up an independent committee to investigate the 4.9bn euros ($7bn; £3.7bn) in losses.
The committee said in their report that they had found no evidence that more than one trader was involved. The bank blames former employee, Jerome Kerviel, for the losses, saying he covered up unauthorised trades.
Under detention But the report said the bank's internal controls failed to pick up his activities.
It also found no evidence that more than one trader was involved.
Profits plunge
The SocGen report also gave details of Mr Kerviel's bonus.
It said in 2006 he received 60,000 euros and asked for 600,000 euros in 2007, but instead received half that.
Mr Kerviel is under "provisional detention" while the case is being investigated.Mr Kerviel is under "provisional detention" while the case is being investigated.
He is accused of breach of trust, falsifying documents and breaching computer security.He is accused of breach of trust, falsifying documents and breaching computer security.
A court ruled that he should be detained because of the "necessities of the investigation" and the risk that he could flee the country.A court ruled that he should be detained because of the "necessities of the investigation" and the risk that he could flee the country.
Mr Kerviel has said that he never considered "running away" after the bank blamed him for huge trading losses. Mr Kerviel has said that he never considered "running away" after the bank blamed him for the huge trading losses.
On Thursday Societe Generale reports results for 2007.
Last month it forecast an 82% slump in net profit to 947m euros.