French Trader Detained Over EUR751 Million Loss
French police have detained a trader for questioning over the loss of 751m euros (£601m) at savings bank Caisse d'Epargne, judicial officials say.
He was taken into custody as part of an inquiry into whether anyone was criminally liable for the loss, made as a result of complex derivative trades.
The bank's top three executives have all resigned since the loss came to light earlier this month.
The loss was made public soon after the bank had set out plans to merge with another mutual bank, Banque Populaire.
Caisse d'Epargne bet that stock markets would rise, just as the financial uncertainty sent shares tumbling.
He was taken into custody as part of an inquiry into whether anyone was criminally liable for the loss, made as a result of complex derivative trades.
The bank's top three executives have all resigned since the loss came to light earlier this month.
The loss was made public soon after the bank had set out plans to merge with another mutual bank, Banque Populaire.
Caisse d'Epargne bet that stock markets would rise, just as the financial uncertainty sent shares tumbling.
