On a presque eut un kerviel indien
https://www.ft.com/content/b326fbcd [...] 2ccd498d66
A Société Générale trader dismissed over unauthorised risky bets has hit out at the French bank, saying the “entire risk team and other bosses” were equally responsible and complaining his bonus had been withheld.
Kavish Kataria wrote on LinkedIn on Thursday that he was being made a “scapegoat” and said all his trades were correctly recorded and visible to his superiors in Hong Kong and Paris.
“Instead of taking the responsibility of the lapse in their risk system and not identifying the trades at the right time they fired me and terminated my contract,” Kataria said.
Kataria worked on the Delta One desk, the same derivatives trading area where rogue SocGen trader Jérôme Kerviel caused a €4.9bn loss 16 years ago in a scandal that still haunts the bank.
SocGen confirmed earlier this week that two people based in Hong Kong had left last year — a trader and a team leader — after a “one-off trading incident in 2023, which didn’t generate any impact and led to appropriate mending measures”.
Kataria did not exceed authorised limits on his trades but was dealing in options on Indian indices, which he had not been supposed to do, according to a person familiar with the matter. Because most were intraday trades this had not been detected straightaway, the person added.