SocGen hit by rogue trader losses

In 2007, a rogue trader at Societe Generale used an elaborate system to disguise massive market positions, leading to a €5 billion loss. The trader, identified as 31-year-old G Home, bypassed all control layers and did not trade for personal gain. The scandal was revealed through an email from the chairman, causing staff unrest and increased security. As the bank unwound high-risk positions, it faced additional losses due to plummeting markets and a €2 billion loss in the American housing market. The trader remains missing.

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