SocGen Executive Reshuffle in Wake of Record Q2 Loss
(04 August 2020 – Europe) Société Générale (SocGen) have announced an internal reshuffle of their executive management team after losses exceeded US$1.5 billion so far this year.
SocGen suffered its worst quarter since rogue trader Jerome Kerviel’s record loss over a decade ago, after it wrote down the value of its trading business and incurred a significant tax charge. The market capitalisation of the French bank is now over €5 billion less than beleaguered European counterpart Deutsche.
Deputy chief executive, Steverin Cabannes, who currently oversees the bank’s investment banking division will be stepping down from his position by the end of this year.
Another deputy chief executive, Philippe Heim, who managed the bank’s international markets has also decided to step down from his position with immediate effect. The bank will now narrow down their four deputy executive roles to only two.
Philippe Aymerich, another deputy chief executive who leads the bank’s retail banking division, will now take over all international retail banking and consumer credit activities following Phillippe Heim departure.
“Together, we will focus on accelerating the transformation of our business to better serve our clients, particularly in capital markets and retail banking, in an economic environment impacted by the COVID crisis and in a broader context of technological shift and of increased responsibility for banks to finance the positive transformations of economies” commented Société Générale CEO, Frédéric Oudéa.
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