Societe General chairman resigns over criticism

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Daniel Bouton has confirmed he will resign from his position as chairman of Societe General following repeated criticism of his performance.

Mr Bouton has been publically criticised since January 2008, when it emerged that a junior trader at the French bank had accumulated €4.9 billion £4.4 billion worth of losses through unauthorised deals.

In a statement, Mr Bouton said "repeated attacks" against him risked harming the bank and its 160,000 employees.

"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," he added.

Societe General was granted a €1.7 billion public loan from the French government in December and the bank's bosses agreed to give up their bonuses last month over further public criticism.

Jerome Kerviel, the rogue trader behind the original scandal, reportedly staked €50 billion alone on European future markets, which was more than the bank's value of around €35 billion.

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2009-04-29 12:26:25 © Moneyextra.com