Société Générale was at the centre of a financial scandal in 2009. The bank denied those accusations. January 2008: Trading loss incident (Kerviel Fraud) On January 24, 2008, the bank announced that a single futures trader at the bank had fraudulently lost the bank €4.9 billion (an equivalent of US$7.2 billion), the largest such loss in history. The company did not name the trader, but other sources identified him as Jérôme Kerviel, a relatively junior futures trader who allegedly orchestrated a series of bogus transactions that spiraled out of control amid turbulent markets in 2007 and early 2008. Partly due to the
2012 JPMorgan Chase trading loss be responsible for what information was revealed, and information was withheld from the regulators. There had been a series violations of the Sarbanes–Oxley regulations requiring certain protections. On May 10, 2012, Dimon announced that there was a loss of at least $2 billion through "egregious mistakes" in trading. The Volcker Rule, part of the Dodd–Frank Wall Street Reform and Consumer Protection Act, bans high-risk trading inside commercial banking and lending institutions. The Volcker rule is sometimes referred to as "a modern Glass-Steagall firewall that separates core banking system from higher-risk, hedge fund-style proprietary trading". The rule's implementation had been repeatedly