Months after SoGen revealed it had lost €4.9 billion ($7.8 billion) because of unauthorized trades by rogue trader Jerome Kerviel, the French bank announced that Bouton would step aside as Frederic Oudea, the chief financial officer, will take over as CEO. Bouton is expected to remain chairman.
Last year, we saw Merrill Lynch & Co. CEO Stan O'Neal ousted, then Citigroup Inc.'s Charles Prince, and finally Bear Stearn Cos.' Jimmy Cayne followed. However, the bloodletting ended there despite recent calls for the ousters of Morgan Stanley's John Mack, Wachovia Corp.'s Ken Thompson and Washington Mutual Inc.'s Kerry Killinger -- for now at least. - Matthew Wurtzel
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