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Rating:After TCW Sells, Heads Roll at SocGen Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, February 15, 2013

After TCW Sells, Heads Roll at SocGen

News summary by MFWire's editors

Sometimes a big deal won't make your problems go away.

Take, for instance, the situation of French financial giant Societe Generale, which earlier this month completed its sale of TCW to the Carlyle Group and a group of TCW employees.

SocGen, France's second largest bank, posted a fourth-quarter loss of 476 million euros, compared to the 100-million euro profit it had made a year ago. The company had to deal with tougher global capital requirements and various legal issues. It also had to write down its stake in the Newedge Group, a derivatives broker.

The bank also reported a shuffling of senior management. Current chief financial officer Bertrand Badre is leaving SocGen to join the World Bank. He will be replaced by current deputy CFO Philippe Heim.

Jacques Ripoll, the head of private banking and global investment management and services who oversaw TCW, is also leaving. His responsibilities will be taken over by corporate and investment bank head Didier Valet.

The news was coverage by a gaggle of news outlets, including 89.3 KPCC, Bloomberg, Reuters and P&I

Edited by: Tommy Fernandez

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