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Societe Generale has confirmed a record fourth-quarter loss after absorbing a huge rogue trading scandal. MOREINFO: Like many of the world's top banks, SocGen has been hit by further losses after the global credit crunch. The bank has warned it may make further writedowns in the future. SocGen's Executive Chairman Daniel Bouton says SocGen is determined to ride out the storm as an independent bank, despite reports of a potential bid from arch-rival BNP Paribas. SCRIPT: The rogue trading scandal at Societe Generale has certainly hammered the French bank's reputation. But how hard was the financial hit? SocGen's fourth quarter figures have revealed its true scale... the bank made a loss of $4.93 billion. It comes after more than $7 billion in trading losses were discovered in January. SocGen blames them on junior trader Jerome Kerviel. He's currently being detained as an investigation into his activities continues. The bank's fourth quarter losses coincide with an internal report which acknowledges better systems may have prevented the costly stock market gambles. SocGen's fourth quarter losses are part of a depressing time for world banking. At the top of the list of credit losses or writedowns is Merril Lynch.. subprime mortgages responsible for a $24.4 billion loss for all of 2007. Next, UBS with $18.4 billion for the fourth quarter. A small distance behind is Citigroup at $18.1 billion for the same period. Morgan Stanley next with $9.4 billion then Bank of America hit with $5.3 billion, Capital One between $4.9 and $5.5 billion. Then there's Societe Generale's $4.93 billion loss. SocGen's board has so far stood by Executive Chairman Daniel Bouton, resisting political pressure to sack him over the scandal. Bouton told Reuters the 144-year-old bank will ride out the storm and remain independent, despite reports of a bid from arch-rival BNP Paribas. A 5.5 billion euro rights issue went on sale at a steep discount on Thursday. SocGen's shares have now fallen by around 28 percent since the start of 2008. Andrew Potter, Reuters