Top exec at French bank SocGen resigns after financial market watchdog starts investigation

Top executive at French bank SocGen resigns

PARIS — Societe Generale SA says that a top executive whose career was damaged by the French bank’s multibillion dollar trading scandal last year has resigned.

Jean-Pierre Mustier is the former head of corporate and investment banking and one-time boss of disgraced trader Jerome Kerviel. Societe Generale SA said in a statement Wednesday that Mustier and Robert Day, a board member, were told by the financial watchdog AMF that its sanctions committee was opening an insider trading inquiry.

The bank says in the statement that both Mustier and Day reject allegations of insider trading. The bank declined further comment.

AMF confirms that so-called “letters of gievance” have been sent to the two, but is not commenting further.