Societe Generale apologises to shareholders

Societe Generale bank’s chief executive took out newspaper ads today begging shareholders to accept his “apologies and deep regrets” after a trader at the bank was accused of fraud costing the company €4.96bn.

The bank has accused a 31-year-old junior trader, Jerome Kerviel, in what appears to be the largest trading fraud ever carried out by a single person. In a baffling twist, the bank said he appears to have netted no personal financial gain from the alleged schemes.