French banking giant Société Générale, popularly known as SocGen, is making major changes in its top management following two consecutive quarterly losses.
As announced on Tuesday, the bank’s deputy chief executive Severin Cabannes will retire by the end of this year. He is now overseeing SocGen’s investment banking division.
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He joined the bank in 2001 and helmed to the top leadership position in 2018, spending years in the bank’s control functions.
Another deputy CEO Philippe Heim, who was in charge of international markets, also stepped down from his position immediately.
The third-largest French bank is also reducing its four deputy CEO roles to only two. In addition, the bank is creating new deputy general manager roles.
Distribution of major responsibilities within the bank
Apart from the cuts, Slawomir Krupa, who currently heads SocGen’s global banking and investor solutions in the Americas, will be appointed as the bank’s deputy general manager next year. His current roles for the American subsidiary will also be extended for the bank’s global operations.
Philippe Aymerich, another SocGen deputy CEO, who is currently heading its French retail banking units, will take over the bank’s all international retail banking and consumer credit activities.
Heim’s responsibilities for financial services and insurance will be distributed to Diony Lebot, another deputy CEO at the French bank.
“I wanted to assemble a renewed management team with diversified and strengthened banking skills,” Frédéric Oudéa, chief executive officer at SocGen, said. “Together, we will focus on accelerating the transformation of our business to better serve our clients, particularly in capital markets and retail banking, in an economic environment impacted by the COVID crisis and in a broader context of technological shift and of increased responsibility for banks to finance the positive transformations of economies.”
The need for the overhaul was accelerated by the bank’s recent financials for the second quarter of 2020, showing a loss of 1.26 billion euros ($1.5 billion).
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