French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).
The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
While Societe Generale has yet to name the trader, media reports say he is 31-year-old Frenchman Jerome Kerviel.
CLICK HERE TO READ MORE ==>
