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Jerome KervielTrader of the French bank "Societe Generale"
Date of Birth: 11.01.1977
Country:  France |
Content:
- Jerome Kerviel: A Controversial Figure in Finance
- Career at Societe Generale
- Unauthorized Trading and Scandal
- Controversy and Legal Proceedings
- Personal Life and Interests
Jerome Kerviel: A Controversial Figure in Finance
Early Life and EducationJerome Kerviel was born on January 11, 1977, in Pont-l'Abbé, Brittany, France. His parents, Marie-Josee and Louis, raised him in a modest household. Kerviel attended high school in Brittany before pursuing a bachelor's degree in finance from the University of Nantes in 1999. He later earned a master's degree in financial markets from the University of Lyon in 2000. Despite his degrees, Kerviel's education was not considered prestigious in the financial industry.
Career at Societe Generale
In August 2000, Kerviel joined Societe Generale as a junior employee in the middle office. In 2002, he was promoted to assistant trader and became a trader two years later. Despite his position, Kerviel received a relatively low salary of less than €100,000 annually.
Unauthorized Trading and Scandal
In January 2008, Societe Generale announced losses of around €5 billion due to a rogue trader's unauthorized activities. Kerviel was identified as the responsible employee. He allegedly exploited the bank's security systems to execute fraudulent trades and cover his tracks. However, investigations revealed that Kerviel had not personally profited from the trades, as he consistently lost money on risky transactions.
Controversy and Legal Proceedings
Colleagues and experts questioned whether Kerviel could have acted alone in perpetrating such a large-scale fraud. Some speculated that Societe Generale had scapegoated him to conceal its own failures. Kerviel was arrested on January 26, 2008, and charged with breach of trust. He was released on bail two days later and re-arrested on February 8, 2008. On March 18, 2008, he was released again. Media reports claimed that Kerviel had filed a lawsuit against Societe Generale for wrongful dismissal and sought financial compensation, but his lawyer later denied these reports.
Personal Life and Interests
Outside of finance, Kerviel was an avid practitioner of judo and sailing. He held a green belt and was certified to teach children. He eventually discontinued judo due to knee injuries. Kerviel also dabbled in politics, unsuccessfully running for municipal office in Pont-l'Abbé in 2001.
