SocGen CEO Bouton to Step Down

The French bank's chief has been under fire since the disclosure of a trading scandal in January.
By TSC Staff ,

Société Générale

CEO Daniel Bouton is stepping down from the post in the wake of a trading scandal earlier this year that cost the bank 4.9 billon euros.

CFO Frédéric Oudéa will replace Bouton as CEO on May 12. Bouton will retain his role as chairman of the French bank's board. He had offered to resign in January, after it was disclosed that low-level trader Jérôme Kerviel had for years surreptitiously made risky trades for the bank.

The bank quickly unwound many of Kerviel's positions after it learned of the situation. The trader has said his motivation was only to make money for the bank and he is the only person under formal investigation.

This article was written by a staff member of TheStreet.com.

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