Jerome Kerviel is a former French trader who gained international attention in 2008 for his role in the Societe Generale trading scandal. Born on January 11, 1977, in Brittany, France, Kerviel was raised in a middle-class family and graduated from the University of Nantes with a degree in finance.
Early Career
Kerviel began his career in finance in 2000 as an internal auditor at Societe Generale. He was promoted to the trading desk in 2005, where he worked as a junior trader in the Delta One products division.
During his time at the bank, Kerviel was known for his aggressive trading style and his ability to generate high returns. He was also known for his unassuming personality and his willingness to work long hours.
The Trading Scandal
In January 2008, Societe Generale announced that it had suffered a loss of €4.9 billion ($7.2 billion) due to unauthorized trading by Kerviel. The bank claimed that Kerviel had taken massive positions on futures contracts without authorization, and had concealed his trades by creating fictitious hedges.
Kerviel was immediately dismissed from the bank and charged with breach of trust, forgery, and computer abuse. He was also ordered to pay restitution to Societe Generale for the losses incurred as a result of his trades.
The Trial and Conviction
Kerviel’s trial began in June 2010, and lasted for several weeks. During the trial, Kerviel claimed that his trading activities were known to his superiors at the bank, and that he had been made a scapegoat for the losses suffered by the bank.
Despite his claims of innocence, Kerviel was found guilty of all charges in October 2010, and was sentenced to three years in prison. He was also ordered to pay restitution to Societe Generale in the amount of €4.9 billion ($7.2 billion).
Life After the Scandal
Following his conviction, Kerviel spent several years appealing his sentence and attempting to have the restitution order overturned. He also wrote a book about his experiences, titled “The Spiral: Memoirs of a Trader.”
In 2016, Kerviel’s sentence was reduced to two years, and he was released from prison. He was also ordered to pay restitution to Societe Generale, but the amount was reduced to €1 million ($1.2 million).
Today, Kerviel continues to speak out against the banking industry and the practices that led to the 2008 financial crisis. He has also become a spokesperson for social justice causes, and has been involved in protests against economic inequality and climate change.
Jerome Kerviel Net Worth
As a result of the trading scandal, Kerviel’s net worth has been significantly impacted. In addition to the restitution payments he was ordered to make to Societe Generale, Kerviel’s assets have been seized by the French government.
According to reports, Kerviel’s net worth is currently estimated to be negative, meaning that he owes more than he owns. However, Kerviel has stated that he is not concerned about his financial situation, and is more focused on speaking out against the injustices he sees in the financial system.
Conclusion
Jerome Kerviel’s story is a cautionary tale about the risks and consequences of financial speculation. While his actions may have led to significant losses for Societe Generale, they also shed light on the systemic issues that have contributed to economic inequality and instability.
Despite the challenges he has faced, Kerviel remains committed to fighting for a more just and equitable world. His story serves as a reminder that even in the face of adversity, it is possible to find purpose and meaning in life.