Monday 23 March 2009

Bank Heads Renounce Stock Options

BBC: Four top bosses at French bank Societe Generale have handed back thousands of stock options, after public criticism and a call from the government.

Chief executive Frederic Oudea, chairman Daniel Bouton and deputy chief executives Severin Cabannes and Didier Alix announced the move on Sunday.

The stock options - which they gained on 9 March - caused controversy because SocGen needed public cash in December.

The French government has pumped 1.7bn euros ($2.3bn; £1.6bn) into SocGen. >>> | Monday, March 23, 2009