Societe Generale to keep CEO for now
Daniel Bouton's resignation letter was on the table at a board meeting, but the directors opted to keep him on as CEO--at least for a bit longer. He has some unfinished business, notably a massive capital infusion program that the board wants him to see through. Longterm, few would be surprised to see him go. The New York Times quoted one director as saying it as unclear if "the captain or the boat will sink first." Most people assume that SocGen is ripe for a deal. Amazing that all this was wrought by a junior trader with a lot of nerve. The bank has retained PricewaterhouseCoopers to help it get to the bottom of the scandal.
- here's the New York Times article