- Jérôme Kerviel is a French trader
- He was convicted and imprisoned in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion
| Born: | 11 January 1977 Comment | | How old is Jérôme Kerviel in 2024? / Age: | 47 years
| | Where was Jérôme Kerviel born? | Pont-l'Abbé, Finistère, France | | Zodiac sign: | Capricorn |
Jérôme Kerviel Net worth 2024 (estimated)
| | How much is Jérôme Kerviel worth? | Under review
| | Nationality: | French | | Hair color: | Brown | | Eyes color: | Brown |
Who is Jérôme Kerviel? / Facts
- Early life and education - Jérôme grew up in Pont-l'Abbé, Brittany.
His mother, Marie-Josée, is a retired hairdresser, and his father, Charles, was a blacksmith.
He has an older brother, Olivier.
Jérôme graduated in 2000 from Lumière University Lyon 2 with a Master of Finance specializing in organization and control of financial markets.
The university's financial program, which was initiated in the 1990s with the support of France's larger banks, was intended to prepare students for middle and back office positions in the trading departments of financial institutions.
Prior to that he received a bachelor's degree in Finance from the University of Nantes.
- Société Générale - Jérôme joined Société Générale in the summer of 2000 at the age of 23.
His first position at the company was in the compliance department, but in 2005 he moved to a junior trader job working with derivatives.
Jérôme's role was to capitalize on pricing discrepancies between equity derivatives and the market price of stocks upon which the derivatives were based.
- Unauthorized Trades - With several years' experience in Société Générale's back office, Jérôme was well-versed in the company policies for approving and regulating trading among its brokers.
He took advantage of this knowledge in late 2006 and early 2008 to offset his one-sided bets with the opposite position that did not actually exist by creating fake trades in the system's computers and logs, so the trades were not flagged by the bank's oversight systems.
Initially, these trades were profitable.
With so much early success, Jérôme feared the bank would discover the false transactions.
To conceal the activity, he began creating losing trades intentionally to generate losses to offset his early gains.
Managerial staff at Société Générale uncovered unauthorized trading activity in January 2008 and took steps to unwind the positions created by Jérôme. When the dust settled, Jérôme's losses were estimated at €4.9 billion.
Jérôme maintains that his bosses knew about his fraudulent trades, but intentionally looked the other way as he was making profits for the bank.
An appeals court in Versailles sided with Jérôme in 2016, and stated in a judgement that it was not "occasional negligence", but "managerial choices" that ensured Jérôme could get away with his criminal acts.
- Lemaire Consultants - In April 2008, following Jérôme's provisional release, he was hired by Lemaire Consultants & Associates, an information systems and computer security consulting firm.
- Conviction - Jérôme was convicted of breach of trust and other charges in French court in 2010.
He was sentenced to at least three years in prison and ordered to pay restitution of €4.9 billion.
- Prison - Jérôme served 5 months in prison in 2014 before being released.
He was to begin a job with an IT consultancy firm.
His fine amount was also reduced to €1 million in 2016.
- Pilgrimage - While awaiting a ruling on his legal appeal and still protesting Société Générale's stance in his case, Jérôme met with Pope Francis outside the Vatican on 19 February 2014, and undertook a pilgrimage from Rome to Paris against the "tyranny of the markets".
- Zero gain - Notably, Jérôme is not believed to have profited personally from his reckless trading, though he now falls into the infamous group of rogue traders that have collectively lost their employers billions of dollars through risky and unauthorized trading activity.
- Wrongful dismissal case - Jérôme has won a payout worth more than $650,000 (450,000 euros) in a Paris employment lawsuit that claims he was unfairly dismissed.
The award includes 100,000 euros for unfair dismissal and his 300,000-euro bonus for 2007.
The court, however, rejected Kerviel’s multi-billion euro request for more than the underlying loss at the bank.
- Attempt of retrial - Several verdicts found Jérôme exclusively guilty for the trading loss, yet he contests the amount of the loss and says Société Générale should also be held responsible.
The former trader has mounted a fresh legal challenge to his conviction after Nathalie Le Roy, the police officer who led Jérôme probes in 2008 and 2012, expressed concerns in 2015 about how she was pressured to focus solely on evidence that would incriminate him.
In 2018, a French court has rejected Jérôme’s request for a retrial against Société Générale, drawing a line under an episode that shook up the bank in 2008.
The judges said that there was no new information to warrant another trial, ruling it as inasdmissible.
- Trivia - There are conflicting accounts about Jérôme's talents as a trader and student.
Professors at his alma mater, University of Lyon, are reported to have said that he was a "student just like any other."
The former governor of Bank of France described Jérôme as a "computer genius", but colleagues claim that he wasn't a star trader within their ranks.
- Personal life - Jérôme is married, but he and his wife separated in 2008.
- Social media stats - He has 34.5K followers on Instagram, and 49.2K followers on Twitter, as of May 2020.
Bio / wiki sources: Wikipedia, accounts on social media, content from our users.
What users say about Jérôme Kerviel
- Michael Philip von Eynsbergen: Respect brother! Love you. (February 06, 2021)
Reply »
- jeff pp: how did you f*ck up so much? (November 26, 2020)
Reply »
- JoeBom: That's the best you can come up with?
- Shehe: Why u so poor? (August 07, 2020)
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Education
- University of Nantes
- Lumière University Lyon 2
Quotes
I only wanted to be a good employee who generated as much profit as possible for his employer. I was merely a small cog in the machine - and now I'm suddenly supposedly the main person responsible for the financial crisis.
My aim was to make money for the bank. You lose track of the amounts involved when you are engaged in this kind of work.
Nobody knows everything that's hidden in the balance sheets of banks. In fact, they are completely impenetrable.
I only want the truth to be known, for everyone to take responsibility for their actions.
I only know one thing: Everything I learned about the banking business, I learned in the banking towers of the Societe.
My only goal was to make the largest profit possible for my employer. I was caught in a spiral that - with the support of my bosses - continued to lead up and up.
Related celebs
Olivier Kerviel, Marie-Josée Kerviel, Charles Kerviel
Wiki & wealth sources: Wikipedia, TMDb, social media accounts, users content, wealth specialized websites
Last update: 18 May 2020
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