In a locked room on the 33rd floor of Societe Generale SA’s 36-story headquarters in western Paris, members of the bank’s fraud control team peer at their computers, scrutinizing the trades being executed by dealers in eight trading rooms on the floors below.
Societe Generale SA, which is investigating its contributions to interbank rate panels including the London Interbank Offered Rate, continues to work with authorities on the issue, Chief Executive Officer Frederic Oudea said.
Societe Generale SA Chief Executive Officer Frederic Oudea said global plans to list banks deemed systemically important and make them hold extra capital may backfire by creating more lenders that are too big to fail.
Societe Generale SA, France’s second-largest bank, posted a fourth-quarter loss after writing down its stake in derivatives broker Newedge Group and setting aside 300 million euros ($403 million) for legal expenses.
Societe Generale SA, France’s third-largest bank by assets, said it could resist a freeze in dollar financing from U.S. money-market funds, which cut their lending to European banks amid the euro debt crisis.
Societe Generale SA Chief Executive Officer Frederic Oudea , who took over two years ago after a record trading loss shook the bank, has reported earnings that disappointed investors in two of the past four quarters.