Societe Generale tightens internal controls

http://www.reuters.com/article/bankingFinancial/idUSL0985287320080409

PARIS (Reuters) - French bank Societe Generale (SOGN.PA: Quote, Profile, Research) is tightening its controls after a rogue-trading scandal that cost it 4.9 billion euros ($7.73 billion), but its chairman said on Wednesday banks remained vulnerable to fraud.

“Fraud has existed in the banking industry since its birth. There have been several fraud cases, and there will be others,” Daniel Bouton told a parliamentary committee investigating the financial crisis that has engulfed the global banking sector.

Business at Soc Gen continues, this article provides an update relating to the reported trading activities that the bank declared several months ago. It mentions that Soc Gen is tightening it’s controls, I suspect that this is something that all the banks are doing to limit liability and ensure compliance regulations.

discussion by DISQUS
Add New Comment