Qui veut gagner des millions?

21 February 2008 By Pierre Briancon

Rogue trader Jerome Kerviel was in line for a 2007 bonus five times the amount he got in 2006. The bank insists it never knew about the hidden E1.5bn in profits that he made through unauthorised trades last year. If that s the case, why the bonus?

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Jerome Kerviel, the Société Générale trader whose unauthorised transactions led to a E5bn loss for the bank, was to be awarded a E300,000 bonus for his work last year, according to the special report published by SocGen's board this week.

Kerviel "was awarded a 60,000 bonus for fiscal year 2006. He had asked for E600,000 for fiscal year 2007 but was only awarded E300,000", says the report of the threemember special committee chaired by former auto executive JeanMartin Folz.

A spokesperson for Société Générale declined to say why the bank agreed to give Kerviel a fivefold bonus increase, but observed that the bonus eventually wasn't paid.

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