French banking watchdog fines Societe Generale
France's central bank has fined Societe Generale $6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year.
By Agencies |
PARIS: France's central bank has fined Societe Generale $6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year.
The Bank of France's banking commission has also issued a formal warning to SocGen, one of France's biggest banks. The warning says shortcomings in "hierarchical controls" over an extended period in 2007 fueled the problem.
Societe Generale officials in Paris declined to comment on the decision. It was announed today on the Bank of France Web site.
The Bank of France's banking commission has also issued a formal warning to SocGen, one of France's biggest banks. The warning says shortcomings in "hierarchical controls" over an extended period in 2007 fueled the problem.
Societe Generale officials in Paris declined to comment on the decision. It was announed today on the Bank of France Web site.
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