Société Générale has followed in the footsteps of domestic French rival BNP Paribas in stating that its chairman and chief executive will go without a bonus for 2008, a year to the day after the bank uncovered a rogue trading scandal that cost it €4.9bn ($6.3bn). The bank followed the move by announcing that it would break even in the fourth quarter, and is likely to post €2bn in full-year income.

In a statement released yesterday afternoon, Société Générale announced that chairman Daniel Bouton and chief executive Frédéric Oudéa would "renounce their variable remuneration compensation for financial year 2008, without regard to the bank's financial performance or capital situation".