14 December 2017
Paul Penrose


Paul Penrose - Finextra

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A post relating to this item from Finextra:

Rogue trader costs Société Générale EUR5bn - back office controls skirted

24 January 2008  |  14413 views  |  0
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  |  4328 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

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

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