One thing investors hate more than bad news is uncertainty, and understanding this may have saved Société GénéraleâÂÂs chief executive Daniel Bouton his job.
His decisive action to repair the balance sheet after heavy losses due to unauthorised trading at the French bank in January gave shareholders comfort when they needed it. Within days he had announced a â¬5.5bn ($8.6bn) emergency rights issue that was fully underwritten by JP Morgan and Morgan Stanley, with Credit Suisse and Merrill Lynch as co-bookrunners.
