France’s Societe Generale bank announces reshuffle
PARIS (FRANCE) – In what is seen as a bid to reduce costs, French bank Societe Generale announced on Tuesday its reshuffle plan. This comes amid two consecutive quarterly losses.
The third largest bank in the country in terms of market capitalisation, Societe Generale has struggled to perform in businesses it wants to keep, such as equities trading. This is a setback to the efforts of CEO Frederic Oudea to bolster profits.
By creating new deputy general managers, the bank has slashed the number of roles of deputy chief executive to two from four.
Deputy CEO Severin Cabannes, who oversees the investment bank, will leave his position at end-2020. Philippe Heim, who is in charge of international markets, will also shed his deputy CEO role.
Slawomir Krupa, head of global banking and investor solutions for SocGen Americas, will become deputy general manager and head of global banking and investor solutions activities from 2021.
Philippe Aymerich, deputy chief executive officer and head of SocGen’s French retail banking units, will assume responsibility for SocGen’s international retail banking and consumer credit activities.
“The objective of this new organisation is to enable us to strengthen the Group synergies and our efforts to reduce costs,” SocGen CEO Frederic Oudea said.
On Monday, SocGen posted a second-quarter loss of 1.26 billion euros (1.13 billion pounds).
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field