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SocGen Exclusive - First Pictures Of Risk Team

SocGen Risk Management Team Returns to Work

Some of SocGen's risk team have been told to get on their bikes following the discovery of that $7.1bn rogue trading loss last week. Here's an exclusive picture of the team leaving the office for the last time (in the box to the right). (Apologises to SG, but we couldn't resist).

Rogue Trading Scandal Could Happen At Any Firm

As Reuters reports that Deutsche Bank CEO Josef Ackermann is said to have asked that staff review his bank's risk management systems, fears are growing that the $7.1bn trading loss sustained over at SocGen could happen anywhere. Indeed, the general feeling is that many other firms are allowing their traders more freedom than SocGen permitted Kerviel, and that a rogue trader at one of the larger firms could cause significantly more havoc and turmoil in the markets.

Goldman Sacks

Goldman Sacks

Goldman Sachs is such an icon these days that rumours that the firm was to embark on a major staff job cutting exercise was enough to spook the markets Friday, helping shares lower.

SG Trader - Conspiracy Theories Abound

So, SG equity derivatives trader Jerome Kerviel has now been questionned by French police, having been taken into custody Saturday. Police will have based their interviews with him on documents and computer data they recovered both at the trader's Paris apartment and SG's offices in the last few days.

SocGen's Letter To Clients

Here's a note of the letter SocGen Chairman and CEO Daniel Bouton sent to clients after the announcement of the discovery of those $7.1bn rogue trading losses.