Page last updated at 20:45 GMT, Thursday, 17 April 2008 21:45 UK

Societe boss Bouton to step down

Societe Generale bank headquarters outside Paris
Societe Generale is trying to rebuild its reputation and balance sheet

Societe Generale has said that chief executive Daniel Bouton will step down as the bank tries to rebuild its damaged reputation.

Rogue trades discovered earlier this year cost the firm 4.9bn euros ($7.7bn; 3.9bn) and cut into its profits for 2007, down 82% from 2006.

On his request, Mr Bouton will step down as chief executive, but will remain chairman.

Deputy chief executive Frederic Oudea will take his place.

The changes will take place on 12 May, Societe Generale said.

The posts of chief executive and chairman were combined by Mr Bouton in 1997, but will now be split to try to improve corporate governance.

Mr Bouton twice offered to resign in the aftermath of the rogue deals, blamed on former junior trader Jerome Kerviel, but was refused.

Societe recently raised 5.5bn euros by selling reduced-price shares to existing investors to try and rebuild its balance sheet.


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