SocGen rejigs its markets business

Rebounding off solid first quarter results largely driven by its global markets business, the European bank is reorganising its business lines worldwide.

Société Générale is reorganising its global markets business in line with the “new regulatory environment,” the French bank said on Monday, as it outlined a wave of new appointments.

Central to the reorganisation, which the bank said is intended to “reinforce its clients with a full range of multi-asset and advisory services,” is the creation of a new equities and derivatives business and the expansion of the bank’s fixed income and currencies practice. 

In the Asia Pacific region, the global markets division will remain under the leadership of Hong Kong-based Frank Drouet, while Yann Garnier, also based in the Asian financial services hub, has been appointed deputy head of global markets as well as head of sales.

Timothee Bousser, previously head of equity flow Asia Pacific, was named head of the new equities and derivatives business line, with Herve Mercat serving as his deputy.

The appointments — and new and expanded business lines — are being implemented globally and go into effect May 18, according to a release.

All of the SocGen’s Asia Pacific appointments concern existing personnel based in Hong Kong.

Guillaume Miquel will head a newly expanded fixed income and currencies business, which will now cover “both flow and structured fixed income services,” SocGen said. Miquel formerly headed fixed income and currency trading in the region.

Additional appointments include Jerome Niddam, named head of engineering, with Olivier Daguet serving as his deputy — two key roles in light of the bank’s emphasis on its engineering capabilities, which include structuring products, advisory, and indices, a source within the bank told FinanceAsia.

Engineering teams will now be assigned to each asset class as part of the internal shift, according to the source.

Olivier Godin and Laurent Cunin will carry on in their respective roles as heads of commodities markets and prime services, while Klaus Baader will continue to head the bank’s research department.

SocGen's global realignment follows the release of solid first-quarter results on May 6. Ratings agency Fitch said that SocGen’s global markets business was the “main driver of [the bank’s] profitability movement,” noting a 32% year-on-year increase in first-quarter trading and equities sales revenue.

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