View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
April 29, 2009

SocGen chariman Bouton resigns

By Spear's

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.”

For further details, visit thewealthnet

Content from our partners
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024
AP Executive: Your Trusted Global Partner in Wealth Management Recruitment
A League of Their Own

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network