Despite offering his resignation twice, the Société Générale chairman yesterday vowed that he will not resign as the French bank struggles to recover from the recent rogue trading scandal.
In an interview published by French financial daily Les Echos, Mr. Bouton was defiant: “I am staying, I am the pilot, I am in the driving seat. There should be no doubt about that.”
He said: “I offered my resignation twice. The board refused it twice. We're not going to continue like this indefinitely. My resignation is no longer on the table.”
Stand down
Mr Bouton’s confident stance contradicts the widespread view he would stand down once the rescue capital increase was complete and the future of the bank assured.
It had been hoped that he would go quietly after twice telling the SocGen board that he was prepared to stand down in the wake of the €4.82 billion (£3.6 billion) loss provoked by junior trader Jérôme Kerviel.
Rights issue
The French bank last week announced a €3.35 billion quarterly loss as a result of Mr Kerviel, who has been placed under investigation in connection with the scandal.
The bank also initiated a €5.5 billion rights issue at a 39 percent discount in an attempt to restore its finances.
SocGen investors have until Friday to take up their rights in the four-for-one share issue.
February 26, 2008
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