Jerome Kerviel: The rogue trader's resume
We got the below resume forwarded to us last night -- it sounds like it's making the rounds -- and is presumably of Societe Generale rogue trader Jerome Kerviel. It's hard to read but it looks like the folks at TheDeal got a copy too, and have it in text form....
OBJECTIVE Reach a position as a retail listed derivative products trader, managing a volatility and Delta One book
EDUCATION
MASTERS in Finance (Organisation and Control of financial makets)
University of Lyon, September 2000
Bachelor Degree in Finance
University of Nantes, 1996 1999
WORK EXPERIENCE
Societe Generale S.A., Paris, France
Trader and Market Maker for Delta One Products
March 2004 - Today
Trading : Market making of Listed Delta One products
Including open end and closed end Turbos (Single Stocks, Index, Forex and Rate Futures), ETFs and secondary market for Certificates
ETFs structuration - Management of the collateral with Lyxor Asset Management
Development of managing tools (Excel VBA macro)
New Underlyings Study to develop the product range
Participation to the specification for the implementation of turbos to the Clickoptions platform.....
Click to enlarge...
Hard to believe that a guy with that light weight resume was singularly behind over $7 billion in losses.
Posted by: Anonymous | January 25, 2008 at 11:46 AM
J. Kerviel was by no means a financial genius. He traded delta one products, which are the simplest on the market. He worked for a very large bank (120 000 employees) and he was very minor there. He had experience in back office and changed positions to front office. He kept the passwords from back office (the bank should have been more secure) and used these to make it look like he was taking positions on behalf of non-existent clients. Risk management would not have picked up that the bank was not neutral (his positions being non-covered) because of this. Because of losses due to margin calls he then increased his positions, hoping to recupe the money (this is terrible trading). He would not have gained anything from this. If anything he was a bad trader and also a rogue. This could have happened in many banks. They all work more or less in the exact same way. The bank and the trader both share blame.
Posted by: Nick from Oxford | January 25, 2008 at 07:38 PM