The board of French bank Societe Generale met Wednesday with its top executive under intense pressure over the loss of €4.82 billion ($7.09 billion) blamed on a single trader. Bank employees were also to convene later in the day, amid fears about the future of one of Europe's most respected banks. French lawmakers, meanwhile, were to question regulators about how Societe Generale could have got in such a tangle.The bank's management must cope with accusations by the trader, 31-year-old Jerome Kerviel, who told investigators that his bosses turned a blind eye to his questionable trades as long as he brought in money for the bank.
Chief Executive Daniel Bouton says his offer to resign, first made as the trading crisis unfolded last week, remains on the table.
Read More
