
SGCIB reshuffles management team to integrate divisions
Christophe Mianné, formerly head of the global equity and derivatives division, adds management of the fixed-income, currencies and commodities (FICC) division to his existing responsibilities. Olivier Khayat, who previously ran FICC, will be reassigned to a position elsewhere in the group.
Patrick Soulard, deputy chief executive of SGCIB, is leaving the company and a new position of chief operating officer has been created but not yet filled.
The restructured executive committee of SGCIB will comprise Mianné, chief executive Michel Péretié, Thierry Aulagnon, head of the corporate, institutions and advisory division, Jean-Luc Parer, head of the capital raising and financing division, Slawomir Krupa, head of strategy, and the chief operating officer when appointed.
The Société Générale group today announced a net profit of €87 million in the fourth quarter, a year after rogue trader Jérôme Kerviel caused the bank fourth-quarter losses of €3.35 billion.
The corporate and investment banking division generated a total loss of €235 million in 2008, but that represented an 89% reduction of its 2007 losses, as the bank recorded the €4.9 billion loss resulting from Kerviel's fraudulent activities against its 2007 accounts. But excluding Kerviel's losses, the division would have made a profit in 2007 of €2.7 billion.
The division recorded valuation writedowns of €2.3 billion on assets at risk, €1.2 billion on exposures to monolines and credit derivatives product companies, and €494 million as a result of exposure to collapsed financial institutions such as Lehman Brothers. These losses were offset by gains of €339 million on the revaluation of financial liabilities and €2.1 billion corresponding to the mark to market of corporate credit portfolio hedges.
"The environment will probably remain challenging throughout 2009," the bank said today in a statement. It has resolved to pursue expansion only on a targeted basis this year and to strictly control overhead costs.
See also: Desperate Q4s call for desperate measures
Senior management shake-up at SG
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on People
Asia moves: Senior hires at Nomura, HKEX and more
Latest job news from across the industry
Asia moves: Senior hires at Citi, Nomura and more
Latest job news from across the industry
People: UBS rehires Ermotti for top job, Citi promotes Selva to COO, and more
Latest job news across the industry
People: More Goldman sackings, Citi promotes for Emea, and more
Latest job news across the industry
Asia moves: senior hires at Societe Generale, Deutsche Bank and more
Latest job news from across the industry
People: Credit Suisse’s FX revamp; Barclays hires co-heads; and more
Latest job changes across the industry
Asia moves: senior hires at Natixis CIB, Citi and more
Latest job news from across the industry
People: LME chair quits, Goldman and BlackRock lay-offs, and more
Latest job changes across the industry