It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.
Societe Generale said one trader had taken what it called "massive fraudulent directional positions in 2007 and 2008 beyond his limited authority".
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Societe Generale Lost $7 Billion
French bank Societe Generale says it has uncovered "massive" fraud
French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros, or $7 bn, BBC World News reported.
The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.
The bank's shares, which were suspended in the morning, lost 3.6% when they resumed trading.
Societe Generale said one trader had taken what it called "massive fraudulent directional positions in 2007 and 2008 beyond his limited authority".
It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.
Societe Generale said one trader had taken what it called "massive fraudulent directional positions in 2007 and 2008 beyond his limited authority".
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