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
, 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
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