Soc­gen deputy CEO to leave

The Star Malaysia - StarBiz - - Foreign News -

PARIS: So­ci­ete Gen­erale deputy CEO Sev­erin Ca­bannes will leave his post at the end of this year as the French bank re­vamps its man­age­ment team.

The new team will have two deputy CEOS in­stead of four and a new role of deputy gen­eral man­ager will be cre­ated, Soc­gen said in a state­ment yes­ter­day.

The move comes af­ter the bank suf­fered its worst quar­ters since rogue trader Jerome Kerviel’s record loss more than 12 years ago, af­ter it wrote down the value of its trad­ing busi­ness and took a large tax charge. The re­sults sig­nal that Soc­gen only par­tially ben­e­fited from a broad-based mar­ket rally that helped US peers dou­ble rev­enue in fixed in­come trad­ing.

Deputy CEO Philippe Aymerich will see his man­date ex­tended to all in­ter­na­tional re­tail bank­ing and con­sumer credit ac­tiv­i­ties. He re­places Philippe Heim who is leav­ing his deputy CEO po­si­tion as of yes­ter­day. — Bloomberg

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