Rogue trader loses bank balance

Photo: Max Malafosse
Photo: Max Malafosse

Jérôme Kerviel, the rogue trader who nearly brought French banking giant Société Générale to its knees, has told French news outlet 20 Minutes that the bank has seized almost all the money in his account – amounting to between €3,000 and €4,000. Last September the bank was granted one million euros in damages against Mr Kerviel by the Versailles Court of Appeal.

“I thought the Société Générale would not do it …”, Jérôme Kerviel told 20 Minutes. “They want to suffocate me for the rest of my life,” Mr Kerviel added.

The bank has refuted the notion of any desire for revenge, saying: “Société Générale is recovering its claim as it would against any debtor.” A spokesperson said: “The million euros which Jérôme Kerviel was ordered to pay represents only a tiny part of the damage suffered.”

The bank had originally been awarded €4.9 billion in damages, although a court found that there had been “shortcomings” in the bank’s control procedures.

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