Europe’s stock markets are going through a volatile time. The affect of this scandal appears to be limited to the bank in question though. Societe General had its shares suspended at one point, after revealing a rogue trader racked-up losses of seven point five billion dollars.

Soc-Gen has more than 20 million customers worldwide.. and as Tim Friend reports it’s already under pressure from the global credit crunch.

Feb.20 — Societe Generale CEO Frederic Oudea discusses the “very low-volatility” environment, European banking market and acquisition plans. He speaks with Bloomberg’s David Westin and Alix Steel on “Bloomberg Daybreak: Americas.”

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French banking group Société Générale is cutting hundreds more jobs as it closes retail branches across France. The move is part of a three-year restructuring plan at the lender as more customers move to online banking. Also on today’s show, we look at a plan by local French politicians to introduce a form of universal basic income.
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