Bank trader charged over $750m loss

Trader at French bank Caisse d'Epargne accused of "breach of trust".

    The bank now says that the losses may be larger than the €600m it initially announced [EPA]

    A Caisse d'Epargne spokesman said the bank now calculates the loss was larger than the €600m it initially announced, and although he declined to provide a new estimate, the prosecutor's office said the loss would amount to €751m.

    Christine Lagarde, the French finance minister, said last week that an initial investigation discovered "serious holes" in the bank's system of controls.

    The bank's own internal investigation found a large number of breakdowns in internal controls and said alerts had been disregarded, French news magazine Nouvel Observateur reported on its website on Wednesday, citing a copy of the investigator's report.

    The losses drew comparisons with the much larger trading scandal suffered by another French bank, Societe Generale, earlier this year.

    Societe Generale took a €4.9bn hit closing what it says were unauthorised positions by former trader Jerome Kerviel.

    SOURCE: Agencies


    Why Jerusalem is not the capital of Israel

    Why Jerusalem is not the capital of Israel

    No country in the world recognises Jerusalem as Israel's capital.

    Strong quotes for Martin Luther King Jr Day

    Quotes from Martin Luther King Jr that resonate today

    Quotes of justice, education, religion and race said by MLK Jr.

    Trump rage ignores the truth

    Trump rage ignores the truth

    Poor people living in the slums of Africa and Haiti have indeed a miserable life.