Finance

SocGen names Cartier and Fleury as co-heads of global markets

Societe Generale has named two new co-heads of its global markets business, as the French lender looks to turn around the performance of its investment bank.

Sylvain Cartier and Alexandre Fleury, veterans of the bank, have been named co-heads of global markets, the bank said in a statement.

They take over from Jean-François Grégoire, who has held the role since February 2019, and will report into SocGen’s head of global banking and investor solutions, Slawomir Krupa.

Krupa said in a statement that the new appointments will allow the bank “to strengthen day-to-day cooperation” within SocGen’s global markets unit. Cartier is also head of credit, fixed income and currencies, while Fleury is head of equities and equity derivatives, roles they will both retain.

The moves come a month after the bank unveiled a new strategy to revamp its investment banking unit, shifting resources out of its trading functions and looking to grab a bigger share of the dealmaking wallet.

READ A 174-page report on banking predicts rise of Barclays, fall of big bonuses

Grégoire said in May that the changes to the business were designed to produce a “more predictable performance” within SocGen’s trading division, which has been subject to cuts over the past 12 months and was hit by big losses in the early days of the pandemic last year.

Krupa, who previously headed up SocGen’s investment bank in the Americas, was named as head of global banking and investor solutions in August last year and took up the role in January. He replaced Séverin Cabannes, who retired this year as part of a broader shake-up of its investment bank.

READ SocGen installs new investment bank chief in top ranks overhaul

SocGen’s equities trading unit, which has long been the crown jewel within its investment bank, slipped by 49% to €1.3bn revenues in 2020, after French banks’ derivatives businesses were hit by slumped revenues in the first half of the year. The bank said trading volumes had “normalised” in the final six months of the year.

A previous version of this story incorrectly spelled Alexandre Fleury.

To contact the author of this story with feedback or news, email Paul Clarke

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