French bank Société Générale expects to have remedies in place by year end for the technical and procedural flaws that allowed rogue trader Jérôme Kerviel to build a fraudulent trading position that cost the bank €4.9 billion (NZ$9.85 billion).
jerome kerviel - News, Features, and Slideshows
The mess at Société Générale is still unravelling. The big French bank took a US$7 billion (NZ$8.8 billion) loss last month because of a rogue trader, and French government investigators are continuing to spot new problems in the bank's story that it was all the fault of one greedy financial trader who was a computer genius.
The huge losses reported by French bank Société Générale, apparently caused by a rogue trader with inside knowledge of the bank's procedures, don't necessarily point to an IT systems failure, but rather to poor management of those systems, analysts say.