Jerome Kerviel Net Worth
Known as the poorest man in the world, Jerome Kerviel has a net worth of -$6.7 billion. He is a French former trader who was fired by Societe Generale for illegal trading transactions. His unauthorized trades caused the company to lose $73 billion.
Jerome Kerviel was born in Brittany, France to a mother who worked as a hairdresser and a father who was a blacksmith. He was raised in a small family and did well at school. He graduated from university in Nantes and then went on to earn a master’s degree at Lyon, specializing in organisation and control of financial markets. After graduating, he found work at Societe Generale and quickly became a junior derivatives trader earning US$66,000 per year.
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In 2005, he joined the bank’s Delta One products team in Paris, where he was a Junior Trader. His job involved software investment, exchanges, ETFs, algorithmic trading and equity derivatives. He also did some research and was a member of the team that won awards for its trading. Christian Noyer, the Governor of the Bank of France, once called him a “Computer Genius.” Unfortunately, his computer skills were put to irresponsible use and Kerviel was able to engage in $73 billion in unauthorized transactions, along with forgery and breach of trust.
His lucky streak ran out in 2008 when global economic turmoil decimated markets and he started losing big. To hide the losses he created fictitious trades to throw off his bosses and regulators. The firm discovered his activity on January 19th, 2008.
Kerviel was sacked for breach of trust, fraud and unauthorized use of the company’s computers in a case that became one of the most publicized rogue trader scandals. Upon his firing, Kerviel was left with nothing, but he has since become a crusader against the ills of finance, giving talks to companies and writing two books.
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Since his dismissal, Kerviel has gone on to be a popular figure in Europe, with some even considering him a modern day Robin Hood. He is an active evangelist against financial tyranny, and has a large following on Twitter. He has spoken at various conferences, including the London Summit on the Changing Face of Money and also given a talk to students at Oxford University. He is also the author of two books, J’aurais pu passer a cote de ma vie (2016) and Angrenage: Memoriile d’un trader (2010). He currently works as an IT consultant for Lemaire Consultants. He lives in a small town near Paris with his wife and daughter. He has a dog named Coco, who likes to take long walks on the beach. He also has a passion for sailing and playing golf. He also loves to travel. He is a fan of the Galway United Football Club and has made several pilgrimages to Ireland. He is a great admirer of the late Pope John Paul II. He is also an avid art collector and has a collection of paintings and sculptures.
