Early Life and Education

Jérôme Kerviel was born on January 11, 1977, in Pont-l'Abbé, France. He grew up in a middle-class family and showed an early interest in finance and economics. Kerviel attended the University of Nantes, where he studied finance and graduated with a degree in Finance and Economics.

Career at Société Générale

After completing his studies, Kerviel joined Société Générale in 2000 as a junior trader. Over the next few years, he rose through the ranks and eventually became a trader in the bank's Delta One desk. Kerviel was responsible for trading futures and options linked to European stock indexes.

The Unauthorized Trading Scandal

In January 2008, Société Générale announced that it had uncovered unauthorized trading by Kerviel that resulted in losses of €4.9 billion. The scandal sent shockwaves through the financial world and raised questions about risk management practices at major banks.

Legal Troubles

Kerviel was arrested and charged with breach of trust, computer abuse, and forgery. He was sentenced to three years in prison and ordered to pay back the full amount of the losses incurred by Société Générale. Kerviel has maintained his innocence throughout the legal proceedings, claiming that his superiors were aware of his trading activities.

Public Response

The case attracted widespread attention and sparked debate about the culture of risk-taking in the financial industry. Some saw Kerviel as a rogue trader who had jeopardized the stability of a major bank, while others viewed him as a scapegoat for larger systemic issues.

Life After the Scandal

Since serving his prison sentence, Kerviel has written a book about his experiences and has become an advocate for financial reform. He continues to maintain his innocence and has sought to clear his name through legal appeals.

Net Worth

As of 2024, Jérôme Kerviel's current net worth is estimated to be minimal due to the legal fees and restitution payments he has had to make as a result of the unauthorized trading scandal.

Overall, Jérôme Kerviel's story serves as a cautionary tale about the risks and consequences of unchecked ambition and unethical behavior in the financial industry.