French executives resign after €600m 'trading incident'

The top three executives at France's Caisse d'Epargne have resigned under pressure from the government after the bank lost €600m trading derivatives amid the worldwide stock market collapse earlier this month.

The auditing board of the bank, one of France's largest, met for several hours Sunday, and late Sunday night announced in a statement the departures of Charles Milhoud, chairman of the management board, CEO Nicolas Merindol and Julien Carmona, head of finance.