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| Version 3 | Version 4 |
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| Societe Generale chairman resigns | Societe Generale chairman resigns |
| (about 2 hours later) | |
| Societe Generale's chairman Daniel Bouton has announced his resignation, saying the personal attacks against him risked "harming the bank". | Societe Generale's chairman Daniel Bouton has announced his resignation, saying the personal attacks against him risked "harming the bank". |
| Mr Bouton has faced rising criticism ever since the bank said rogue trader Jerome Kerviel had lost 4.9bn euros ($6.5bn; £4.4bn) at the start of 2008. | Mr Bouton has faced rising criticism ever since the bank said rogue trader Jerome Kerviel had lost 4.9bn euros ($6.5bn; £4.4bn) at the start of 2008. |
| SocGen then needed a 1.7bn-euro loan from the government in December because of the impact of the credit crisis. | SocGen then needed a 1.7bn-euro loan from the government in December because of the impact of the credit crisis. |
| Last month, SocGen bosses gave up their annual bonuses following public anger. | Last month, SocGen bosses gave up their annual bonuses following public anger. |
| 'Harming the bank' | 'Harming the bank' |
| Mr Bouton, who admitted that "like any manager I have certainly made mistakes", will now stand down on 6 May. | Mr Bouton, who admitted that "like any manager I have certainly made mistakes", will now stand down on 6 May. |
| I am choosing to go now to protect the bank Daniel Bouton, Societe Generale chairman | I am choosing to go now to protect the bank Daniel Bouton, Societe Generale chairman |
| "The repeated attacks against me personally in France for the past 15 months affect me, but most of all, they risk harming the bank and its 163,000 employees," he said. | "The repeated attacks against me personally in France for the past 15 months affect me, but most of all, they risk harming the bank and its 163,000 employees," he said. |
| "In the present financial and economic storm, priority must go to unity. It is better for me to withdraw, proud of having led a wonderful company." | "In the present financial and economic storm, priority must go to unity. It is better for me to withdraw, proud of having led a wonderful company." |
| Mr Bouton said he would be leaving without any special pay-off. | Mr Bouton said he would be leaving without any special pay-off. |
| "I am choosing to go now to protect the bank," he said. | "I am choosing to go now to protect the bank," he said. |
| Rogue trader | Rogue trader |
| Mr Bouton had previously also held the chief executive role, but he gave this up in May 2008 in the aftermath of the rogue trader scandal. | Mr Bouton had previously also held the chief executive role, but he gave this up in May 2008 in the aftermath of the rogue trader scandal. |
| SocGen said in January 2008 that it had lost 4.9bn euros because of unauthorised trades conducted by Mr Kerviel, a junior trader. | SocGen said in January 2008 that it had lost 4.9bn euros because of unauthorised trades conducted by Mr Kerviel, a junior trader. |
| READ LETTER IN FULL Societe General chairman Daniel Bouton's full resignation letter [36.2KB] Most computers will open this document automatically, but you may need Adobe Reader Download the reader here | |
| The French president Nicolas Sarkozy had heavily criticised Mr Bouton over his handling of the Kerviel affair, and also attacked the bank's board at the start of this year over its bonuses. | The French president Nicolas Sarkozy had heavily criticised Mr Bouton over his handling of the Kerviel affair, and also attacked the bank's board at the start of this year over its bonuses. |
| As a result, many analysts said Mr Bouton's resignation had long been expected in the face of such political pressure. | As a result, many analysts said Mr Bouton's resignation had long been expected in the face of such political pressure. |
| "I don't think it has anything to do with the bank's financial performance," said one analyst who declined to be named. | "I don't think it has anything to do with the bank's financial performance," said one analyst who declined to be named. |
| Mr Kerviel has been charged with breach of trust, fabricating documents and illegally accessing computers, but has yet to go on trial. | Mr Kerviel has been charged with breach of trust, fabricating documents and illegally accessing computers, but has yet to go on trial. |
| He was initially jailed, but released after less than two months as police investigations continue. | He was initially jailed, but released after less than two months as police investigations continue. |