PwC hired by SocGen Special Committee

Société Générale’s board of directors have hired PwC to assist a special
committee of independent directors, tasked with identifying the causes and size
of the bank’s trading losses.

The committee, which is to work closely with the bank’s audit committee, will
also assist with ensuring that measures are put in place to prevent another
similar incident, the Guardian reported.

The fraud, the largest to date, led to £3.7bn in losses for the bank, is now
the subject of a large-scale police investigation.

The committee is to report its findings, conclusions and recommendations
directly to the board of directors.

Further reading:

SocGen stock soar on BNP bid talk

French accounting regulator slams SocGen’s monitoring

Bank of France governor slams SocGen’s controls

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