Jerome Kerviel net worth has a negative net worth of approximately $7.2 billion. This is because he owes €4.9 billion (around $6.3 billion) to Société Générale, the bank where he worked as a trader. He was convicted of unauthorized trading and breach of trust in 2008 and was ordered to pay back the losses he caused. Kerviel was employed by the French bank Societe Generale, where he was a trader in the division of equities derivatives.
Kerviel amassed almost $50 billion in unlawful trades, which led to his discovery in 2008 & a $7 billion loss for the bank. After being charged with fraud, forgery, and breach of trust, Kerviel received a five-year prison term. Despite being found guilty, Kerviel has argued that the bank knew about his actions and that he was simply adhering to the high-risk, high-reward trading culture that was prevalent at the time. Read Also Blippi Net Worth
Jerome Kerviel Net Worth
One of the biggest rogue traders in history was Jerome Kerviel, a former trader at Societe Generale. The bank lost more than $7.2 billion as a result of Kerviel unlawful trades being uncovered in 2008.
Due to his acts, Kerviel received a five-year prison term and was mandated to reimburse Societe Generale for the full amount of the loss. It is improbable that Kerviel will ever be able to fully return the bank due to the size of the amount at stake and the fact that he was not a wealthy man to begin with.
It is not known what Kerviel is currently worth. It’s safe to suppose that it is a lot less than the $7 billion that he is accountable for losing, though. Jerome Kerviel’s situation serves as a lesson on the value of effective risk management and supervision in the financial sector.
Jerome Kerviel’s Biography
|Real Name||Jerome Kerviel|
|DOB||11 January 1977|
|Jerome Kerviel Age||46|
|Birth Place||Pont-l’Abbé, Finistère, France|
|Education||Lumière University Lyon 2 (Master of Finance) University of Nantes|
|Jerome Kerviel Wife||Kerviel (Separated in 2008)|
|Jerome Kerviel Net Worth||$7.2 billion|
French trader Jerome Kerviel got huge fame in 2008 for his involvement in a significant trading scandal at Societe Generale. In 2000, Kerviel started his employment with the bank as a trainee trader on the Delta One desk. He progressed through the ranks in the bank’s proprietary trading section over time, finally becoming a successful trader.
However, it was found that Kerviel had been making illegal trades in 2008, resulting in enormous losses for the bank. The bank asserted that Kerviel had concealed these transactions from them & that his activities had been solely his own. The bank claimed that Kerviel is a “fraudulent and unlawful person” who blames others for the losses.
Kerviel was taken into custody & accused of forgery, fraud, and breach of trust. He was charged in 2010 and given a five-year prison sentence. He was, however, paroled out in 2014, and since then, he’s been a consultant and a public speaker on the subject of financial regulation. Kerviel asserts that the bank was informed of his actions and that he did not act alone.
The incident seriously damaged Societe General’s reputation and brought heightened scrutiny to the banking sector. Additionally, it led to the implementation of strict laws to stop future occurrences of the same crimes.
Jerome Kerviel’s Career
Due to his role in one of the largest trading losses in history in 2008, French trader Jerome Kerviel rose to fame. Kerviel was a trader for the French investment house Societe Generale when he sustained losses of more than $7 billion as a result of unlawful trading.
Working as a junior trader with Societe Generale in 2000, Kerviel began his career. By 2005, the bank’s Delta One trading division promoted him to senior trader due to his rapid growth. Kerviel’s downfall was eventually caused by his involvement in illegal activities, which he began in 2007.
Kerviel made an effort to conceal his conduct, but in January 2008, the bank suffered a significant loss as a result of learning about Kerviel’s trades. In 2010, Kerviel was given a five-year prison term after being accused of fraud & breach of trust.
Kerviel has maintained his innocence despite being found guilty of a crime & he has grown to be a contentious figure in the financial community. He published a book titled “The Spiral: Memoirs of a Trader” and also appeared in the media frequently to address his situation.
As of 2022, Kerviel has served his sentence and is now a free man. He has been keeping a low profile, focusing on his personal life and avoiding the public eye. However, his name remains same with one of the biggest financial scandals in history and he continues to be a topic of conversation in the world of finance.
Jerome Kerviel’s Income
Although Kerviel’s pay at Societe Generale was not made public, it is assumed to have ranged from $108,540 to $162,810 per year & it is the typical pay for a senior trader at a major investment bank, which would be quite high for a trader.
The 2008 financial crisis was significantly exacerbated by Kerviel’s activities, which also damaged public confidence in the banking sector. In order to avoid situations like this in the future, the story serves as best reminder for the value of adequate oversight & regulations in the financial sector.
Jerome Kerviel House & Cars Collection
Along with his financial issues, Kerviel has drawn media notice for his collection of expensive automobiles & homes. The Mercedes-Benz SLS AMG, the Porsche 911 Turbo, & the Ferrari 458 Italia are just a few of the high-end vehicles he is known to own. Kerviel is known for having a sizable and priceless collection of automobiles.
Jerome Kerviel does not own a house. He lives in a small apartment in Paris. He has been unable to afford a house since he was convicted of unauthorized trading and breach of trust in 2008. He owes €4.9 billion (around $6.3 billion) to Société Générale, the bank where he worked as a trader, and he has been unable to pay back the losses he caused.
In 2016, Kerviel’s lawyers successfully argued that the original €4.9 billion fine was excessive, and it was reduced to €1 million. However, this is still a significant amount of money, and Kerviel is unlikely to ever be able to pay it back.
As a result of his debt, Kerviel lives a relatively modest lifestyle. He lives in a small apartment in Paris, and he drives a used car. He is able to afford his basic needs, but he is not able to live a luxurious lifestyle.
It is unclear what the future holds for Kerviel. He is still technically in debt to Société Générale, but it is unlikely that he will ever be able to repay it. He may continue to live a modest lifestyle, or he may try to find other ways to earn money. Only time will tell what his ultimate fate will be.
Jerome Kerviel’s Family – Parents, Wife, Girlfriend & Kids
The father of Kerviel is an electrician, while the mother was a nurse. He was the youngest of three children & raised in a tiny French town. He doesn’t disclose any information regarding his wife or girlfriend.
As a result of the controversy surrounding his acts, Kerviel gained notoriety & was ultimately found guilty and imprisoned. He was given a five-year prison term and told to reimburse Societe Generale for the losses.
Despite the seriousness of his activities, Kerviel has defended his innocence, saying that the bank knew about them & had pushed him to take chances. He has also admitted that he feels bad about how his actions affected his family & other people whom he cares about.
Does Jérôme Kerviel still owe money?
Jérôme Kerviel still owes the Société Générale Bank of France. The court reduced his $7.2 billion debt to around $1 million in 2016. Read more:
Jerome Kerviel’s Social Media Handles