SG loses veteran global markets sales head

El-Asmar’s role being temporarily covered by markets head, Frank Drouet

French dealer has lost a string of leaders in recent years

Societe Generale Corporate & Investment Banking (SG CIB) has parted ways with Marc El-Asmar, the long-serving head of sales for its global markets business. His plans are not known.

El-Asmar reported to Frank Drouet, head of global markets. Drouet is understood to be covering El-Asmar’s role on an interim basis, while the bank looks for a replacement. El-Asmar left the bank at the end of June. His departure has not previously been reported.

A spokesperson for SG CIB declined to comment. El Asmar also declined to comment. Two former colleagues say they have no knowledge of his plans.

El-Asmar joined SG CIB 16 years ago, rising to lead the sales effort for equity structured products in 2007. He was promoted to head of sales for cross-asset solutions in 2012, later adding responsibility for equities and derivatives, and moved into his last role in April 2016.

Marc El-Asmar spent 16 years at Societe Generale Corporate & Investment Banking

The final promotion was part of a reshuffle following the 2016 departure of Dan Fields, then the bank’s head of global markets, and David Escoffier, the deputy head for the business.

El-Asmar made headlines in February after reportedly seeking to avoid testifying in a high-profile lawsuit brought against SG CIB by the Libyan Investment Authority, the country’s sovereign wealth fund. The LIA claimed Libyan officials had been bribed to execute a string of ultimately loss-making trades, and the case was due to be heard in a London court.

SG CIB settled the lawsuit on May 4 for an undisclosed sum that was widely reported to be €963 million ($1.14 billion). In a short statement, the bank also expressed regret for “the lack of caution of some of its employees”.

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