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Crisis meeting called at Caisse d'Epargne

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Latest update : 2008-10-19

Caisse d'Epargne is set to hold an emergency meeting Sunday to decide the fate of its management, according to sources. The meeting follows Friday's revelation that the French bank lost 600 million euros in a trading "incident".

French bank Caisse d'Epargne, which has lost around 600 million euros (800 million dollars) in derivatives trading, will hold a meeting Sunday to decide the fate of its management, sources said.
   
"There will be a vote of confidence on whether to keep management or not," a source close to the bank said, adding that the supervisory board would meet at 3 pm (1700 GMT).
   
Another source said several members of the supervisory panel were determined to demand the departure of Charles Milhaud, the president of the group's executive board. His mandate expires in late 2009.
   
The executive board also includes director general Nicolas Merindol, risk and finance head Julien Carmona, human resources chief Guy Cotret and development director Alain Lacroix.
   
France's President Nicolas Sarkozy warned that bank chiefs must "bear the consequences" after Caisse d'Epargne revealed Friday that it had lost more than half a billion euros in a derivatives trading "incident" the prior week.
   

Date created : 2008-10-19

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