France's €4.9bn rogue trader gets IT job
Must be good with numbers...
Posted in Bootnotes, 25th April 2008 15:40 GMT
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French rogue trader Jerome Kerviel, who cost Société Générale €4.9bn (£3.8bn), has got himself a new job as a computer consultant.
Kerviel was released on bail in mid-March and joined the consultancy in April. Kerviel originally worked in the bank's back office before becoming a trader.
His spokesman told AP: "Jerome is a young man who wants to work, and doesn't want to remain inactive living on unemployment insurance — or whatever." Kerviel is working for LCA consultancy in the Paris suburb of Levallois.
The judge in his case changed the conditions of his bail so he could take the post - he still faces possible charges relating to Société Générale's losses. He is still barred from entering any trading room.
SocGen lost serious credibility as a result of the loss - it was forced into a rights issue to cover the hole in its accounts.
It is also seen as a possible takeover target with both Barclays or Italy's Unicredit named as possible bidders. ®
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