Krupa Defends SocGen’s Controls as Fired Trader Points to Lapses

Societe Generale SA Chief Executive Officer Slawomir Krupa defended the effectiveness of the bank’s risk controls after a fired trader blamed lapses in the bank’s systems for his initially undetected wagers.

The bank was able to detect the wagers by former trader Kavish Kataria, Krupa said on a call with reporters Friday. Still, the issue led the bank to take immediate action to improve the processes, he said, without providing details.

“This incident was discovered by our control system and dealt with immediately, both on an individual and a managerial level and, of course, with a number of adjustments to ...