2008 Société Générale trading loss the bank's total market capitalization. Bank officials claim that Kerviel tried to conceal the activity by creating losing trades intentionally so as to offset his early gains. According to the BBC, Kerviel generated €1.4 billion in hidden profits by the end of 2007. His employers say they uncovered unauthorized trading traced to Kerviel on January 19, 2008. The bank then closed out these positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices, and losses attributed are estimated at €4.9 billion. The bank claimed Kerviel "had
UBS tax evasion controversies UBS-controlled offshore assets to evade taxes. The bankers had the intention of directing their French clients assets to UBS's Switzerland operation, rather than keeping the money in France. Arrest warrants were issued for three former UBS France employees in January 2015 after they failed to appear before French magistrates leading the investigation. UBS faces fines of up to five billion euros for its alleged role in tax fraud, according to the French newspaper "Le Temps". In July 2014, the bank was required to post a bond of 1.1 billion euros, which UBS complied with while making multiple appeals in the