Socgen deputy CEO to leave

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