SocGen reshuffles executives

The reorganisation is the first in five years, and splits the bank into three divisions. The bank says the new setup will be better aligned with clients’ company structures, and will help retain more junior staff by appointing more co-heads.

The programme will be led by London-based Jean-Pierre Mustier, who remains chief executive of the corporate and investment bank. He will be supported by Paris-based deputy chief executives Patrick Soulard and Christophe Mianné. Soulard was previously head of corporates and institutions; Mianné was promoted from global head of equity derivatives.

Two of the three new divisions focus on serving investors. The division covering fixed income, currencies and commodities will be headed by Paris-based Marc Breillout, previously in charge of debt finance, and by Grégoire Varenne, formerly head of fixed income and derivatives, commodities and treasury for Europe and Asia, with New York-based Paolo Taddonio as their deputy. The second division covers global equities and derivatives and is headed by Mianné and Luc François, formerly deputy head of equity derivatives.

The third division will serve issuers and will cover capital raising and financing. Olivier Khayat, previously head of debt capital markets and Jean-Luc Parer, formerly deputy global head of debt finance, will co-head the division.

The newly created corporates, institutions and advisory division will be headed by Thierry Aulagnon, previously head of investment banking and by Benoît Ottenwaelter, formerly deputy head of corporates and institutions.

The reshuffle also sees Hervé de Kerdrel’s appointment as chief financial officer, replacing Jean-Pierre Lesage. Lesage moves to head the resources division with François Boucher, formerly chief information officer.

Overall, the executive committee has expanded from 11 members to 17.