Troubled French bank Societe Generale SA said Thursday that a $7 billion trading scandal and the credit crisis in financial markets led to a fourth-quarter net loss.France’s second-largest bank said it lost 3.35 billion euros ($4.91 billion) compared with a 1.18 billion euro profit in the same period of 2006.
The French bank took a 4.9 billion euro ($7.18 billion) hit closing the unauthorized positions of futures trader Jerome Kerviel. Though it discovered the positions on Jan. 18, the losses that resulted were booked in the fourth quarter.
Shares rose 0.3 percent to 66.81 euros ($97.92) in Paris morning trading. The stock has lost roughly half of its value this year.
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