SocGen in management shake-up to repair image
FRENCH bank Société Générale announced a management shake-up yesterday as it seeks to rebuild its reputation in the wake of last year’s rogue trading scandal.
Deputy chief executive officer Didier Alix will step down at the end of the year and become a senior adviser to chairman and chief executive Frédéric Oudéa.
Jean-Francois Sammarcelli will be appointed to the role of deputy chief executive of French retail banking, while Bernard Sanchez Incera is to take up the role of deputy chief executive for international retail banking and specialised financial services.
Group deputy chief executive Severin Cabannes will keep his role and will also supervise the corporate and investment banking businesses, as well as the global investment management and services and the financial, risk and HR divisions.
The reshuffle comes as Oudéa bids to restore trust in the bank, after the rogue trading scandal which saw it lose €4.9bn (£4.4bn) on unauthorised trades made by former employee Jerome Kerviel.
Earlier this week, Oudéa said the bank was ready to look at acquisitions in the private banking arena.