France says SocGen in crisis, pressure on chairman
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France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is a bank in crisis and may need to ditch its chairman.
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Business & money: Jerome Kerviel speaks about the row over SociÃ©tÃ© GÃ©nÃ©rale's multibillion euro losses
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Â· French president headed for showdown in Brussels  Â· He will demand greater political control over euro
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Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.
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The board of French bank Societe Generale met Wednesday with its top executive under intense pressure over the loss of $7.09 billion blamed on a rogue trader.
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Police on Saturday questioned the young trader blamed for a massive fraud that cost France's Societe Generale bank more than $7 billion, as the country's president accused global financial institutions of having "gone haywire" and urged common sense.
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France stepped up efforts to restore confidence in the banking system as Societe Generale faced tough questions on Friday over why it failed to prevent the biggest financial dealing scandal in history.
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Societe Generale faces growing embarrassment after it emerged the French bank was warned last year about the suspect activities of Jerome Kerviel and its key fraud accusation against the 31-year-old trader collapsed.
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French bank Societe Generale faced tough  questions on Friday over how it failed to spot the biggest  rogue dealing fraud in history, in which a single young trader  triggered a $7 billion loss under the noses of top executives.
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French bank Societe Generale faced tough questions on Friday over how it failed to spot the biggest dealing scandal in history in which a lone trader triggered a $7 billion loss under the noses of top executives.
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The French government is calling for tighter risk-control measures and a broad review of bank rules in response to losses from the trading scandal at SociÃ©tÃ© GÃ©nÃ©rale.
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Societe Generale was warned about alleged rogue trader Jerome Kerviel last year, a prosecutor says.
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The head of French bank Societe Generale  said in a newspaper interview published on Wednesday that he saw "limited impact" on the profitability of France's banks from the current subprime mortgage crisis.
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French Prime Minister Francois Fillon on Monday warned that the country&#39;s public finances were in a &quot;critical&quot; state and that drastic action is needed.
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The French Prime Minister calls a crisis meeting to discuss the kidnapping of two French journalists in Iraq.
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French police on Friday questioned a share broker over links to rogue trader Jerome Kerviel, whose 4.8 billion euro (7.1 billion dollar) losses nearly brought Societe Generale bank to its knees, justice officials said.
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The French government held a crisis  meeting on Thursday over the fate of two journalists held  hostage in Iraq after a new purported statement from the  kidnappers denied they had demanded a ransom or set a deadline.