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Article: Rogue trader in court's hands, but fate of Societe Generale shakier than ever
- Article from:
- AP Worldstream
- Article date:
- January 29, 2008
- Author:
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The fate of the alleged Societe Generale rogue trader is in judges' hands _ and that of the bank is just as unclear.
Headhunters are looking to poach the shaken French bank's staff, the government is hinting its chief executive should resign, and there's industry speculation of a takeover or a break-up.
Rebuilding the bank's image and credibility could be long and painful.
"Societe Generale is prey; nothing will be as it was," said Marc Pagezy, president of Paris-based recruiting firm Eurosearch & Associes.
He said that within 30 minutes of Societe Generale's bombshell Jan. 24 announcement that "massive" fraud led to nearly 5 billion (US$7 ...