SocGen chariman Bouton resigns - Spear's Magazine

SocGen chariman Bouton resigns

Societe Generale’s chairman Daniel Bouton has announced his resignation, saying the personal attacks against him risked “harming the bank”.

Societe Generale’s chairman Daniel Bouton has announced his resignation, saying the personal attacks against him risked “harming the bank”.

Bouton has faced increasing criticism ever since rogue trader Jérôme Kerviel lost the bank EUR 4.9 billion at the start of 2008. SocGen then needed a EUR 1.7 billionloan from the government in December because of the impact of the credit crisis.

Last month, SocGen bosses gave up their annual bonuses following public anger. Bouton, who admitted that “like any manager I have certainly made mistakes”, will now stand down on 6 May.

“The repeated attacks against me personally in France for the past 15 months affect me, but most of all, they risk harming the bank and its 163,000 employees,” he said. “In the present financial and economic storm, priority must go to unity. It is better for me to withdraw, proud of having led a wonderful company.”

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