French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).
The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.
source:bbc
The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.
source:bbc
