February 13, 2008 | posted by Michael Baxter in French economy |

According to a report on Bloomberg this morning, the Jerome Kerviel affair at Société Générale SA has just about done it for social equality in French banks.

Apparently, Mr Kerviel was not a graduate of one of the top French universities – rather he came from University of Lyon.

Worse, he started to work at the bank as a mere clerk.

Once bitten, twice shy – now it is thought that the French banks will return to their ways of only recruiting for the trading floor from the top university business schools.

Monsieur Kerviel recently said, “I am taking my share of responsibility, but I will not be the scapegoat for Société Générale.”

And so now we know the mistake that was made – too many middle-ranking bank employees with ideas above their station.

With social mobility like that, it is a wonder France is achieving any economic growth at all.