The Great Debate UK

Oh dear Oudea, it’s deja vu at SocGen



– Margaret Doyle is a Reuters columnist. The opinions expressed are her own –

French boards have a funny way of exacting retribution from their bosses. When the board of Societe Generale realised that it had lost 4.9 billion euros in rogue trading last year, it didn’t sack the boss.

Instead, it said Daniel Bouton could only be chairman, stripping him of his role as chief executive. That job went to Frederic Oudea.

Oudea had been chief financial officer and should have spotted that the cash flowing into the bank’s famed trading division was rather less than the cash flowing out.