Jérôme Kerviel lost €4.9 billion through unauthorised gambles on the futures market while working for Société Générale PATRICK KOVARIK/GETTY IMAGESSociété Générale has been ordered to hand back a €2.2 billion tax credit that it obtained after the biggest rogue trading scandal in France’s history. It said that it would fight the country’s tax office in the courts for the right to keep the money. The bank is the third largest in France by market value, with 31 million customers in 67 countries. A decade ago Jérôme Kerviel, now 41, above, lost €4.9 billion making unauthorised gambles on the futures market while working for Société Générale as a trader. The bank was allowed to deduct its rogue trading losses from the profits it registered in the following years, saving about €2.2 billion in tax.

Source: The Times January 18, 2018 00:04 UTC