Societe Generale

About Societe Generale

Founded in 1864 to finance French industry. Societe Generale grew into one of Frances largest banks. The bank nationalized under the Popular Front in 1936 and again under Mitterrand in 1982. It was privatized in 1987. Societe Generale suffered the Jerome Kerviel rogue trader scandal in 2008, losing 4.9 billion from unauthorized futures trades. Kerviel, a junior trader, had taken massive positions beyond his authority. The bank argued Kerviel acted alone. Kerviel argued his managers knew. He was sentenced to three years in prison and ordered to repay 4.9 billion, later reduced on appeal. Societe Generale has invested in Russian banking through Rosbank, which it sold after the Ukraine invasion.