22 August 2017
Paul Penrose

Finblog

Paul Penrose - Finextra

307Posts 1,330,825Views 246Comments
A post relating to this item from Finextra:

Rogue trader costs Société Générale EUR5bn - back office controls skirted

24 January 2008  |  13596 views  |  0
societe_generale.gif
French banking group Société Générale (SocGen) is reporting a massive EUR4.9 billion in losses perpetrated by a rogue trader who used to work in its middle office division and who used loopholes in co...

And the equity derivatives house of the year is...

25 January 2008  |  4255 views  |  0

This just in: January 2008, Incisive Media's annual Risk Awards black-tie dinner.

"Last year was the most volatile since 1998, with rising delinquencies in the US subprime mortgage market causing banks to rack up billions of dollars in losses. Risk recognises those institutions that weathered the storm, and continued to provide liquidity and structuring know-how to clients."

And the winner of the Equity Derivatives House of the Year Award?

Take a bow SocGen.

"For me, it was more important to be there for clients rather than worry about any mark-to-market losses on a few trading positions," says Christophe Mianne, SG CIB's head of market activities, covering equity, derivatives, fixed income, currency and commodities in Paris. "Our reputational franchise is worth far more than any loss during one month."

Just as well really.

TagsRisk & regulationWholesale banking

Comments: (0)

Comment on this story (membership required)

Latest posts from Paul

ANZ and Visa lose the plot

30 June 2011  |  6575 views  |  0 comments | recomends Recommends 0 TagsMobile & onlineRetail banking

Don't give up the day job...ever

20 May 2010  |  5820 views  |  0 comments | recomends Recommends 0 TagsTrade executionWholesale bankingGroupWhatever...

Now we are ten

19 April 2010  |  6202 views  |  3 comments | recomends Recommends 0 TagsRetail bankingWholesale banking

Finextra's Best of the Web

05 March 2010  |  5718 views  |  1 comments | recomends Recommends 0 TagsRetail bankingWholesale banking

The ATM was the last great financial innovation

25 February 2010  |  9777 views  |  8 comments | recomends Recommends 0 TagsRetail bankingWholesale bankingGroupFinance 2.0

Paul's profile

job title Head of Research
location London
member since 2007
Summary profile See full profile »
I'm responsible for editorial content and quality control across the full range of Finextra media.

Paul's expertise

Member since 2006
307 posts246 comments

Who's commenting on Paul's posts