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Societe Generale meets with shareholders
http://uk.reuters.com/article/companyNews/idUKL267632220080527
PARIS (Reuters) – Societe Generale (SOGN.PA: Quote, Profile, Research) faces shareholders for the first time on Tuesday since rocking markets in January with the world’s biggest rogue trading scandal, still uncertain whether the trader involved acted alone.
The shadow of Jerome Kerviel, the trader blamed for $7.7 billion (3.9 billion pounds) of losses, will loom large as France’s second-biggest listed bank holds its annual meeting near its headquarters in Paris’ La Defense business district.
On Jan 24, SocGen unveiled 4.9 billion euros (3.9 billion pounds) of losses which it said were caused by rogue deals carried out by Kerviel.
The size of the losses eclipsed those of previous trading scandals, such as Nick Leeson’s rogue trades which brought down British merchant bank Barings in 1995.
That Soc Gen continues to earn revenue and add value for its shareholders and stakeholders is key, everything else is ‘noise’, it will be interesting to see if any announcements or comments are made at this meeting.
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