Péretié to replace Mustier at SG CIB

Michel Péretié has been named as the next chief executive of Société Générale Corporate and Investment Banking (SG CIB), replacing Jean-Pierre Mustier.

Péretié was previously chief executive of Bear Stearns for Europe and Asia, and a member of its board. He will work alongside Mustier with a view to taking over as head of SG CIB during the third quarter and will join the executive committee of the Société Générale group. Société Générale said it would announce Mustier’s new responsibilities at a later date.

Mustier offered his resignation in January after it was revealed the bank had made losses of €4.9 billion due to a rogue trader taking large positions with equity derivatives. However, his resignation was refused at the time.

Péretié has worked in the derivatives industry since 1980, when he joined the Banque Paribas derivatives group, covering equity, foreign exchange and fixed income. In 1999 he was appointed global head of fixed income at the newly formed BNP Paribas. He joined Bear Stearns in 2000 as head of fixed income and derivatives for Europe and Asia. In 2004, he was appointed chairman of Bear Stearns International, and he became chief executive of Bear Stearns for Europe and Asia in 2006.

See also:
Questions remain over SG rogue trader
SG moves on