PARIS — French bank Societe Generale announced on Tuesday a wide management reshuffle in a move to reduce costs and boost synergies following two consecutive quarterly losses. SocGen, France's third-biggest bank by market capitalisation, has struggled to perform in businesses it wants to keep, such as equities trading, a blow to the efforts of chief executive Frederic Oudea to boost its profitability. The bank cut the number of deputy chief executive roles to two from four and said it was creating new deputy general manager roles. Severin Cabannes, who oversees the investment bank, will leave his deputy CEO position at end-2020. Philippe Heim, who is in charge of international markets, will also drop his deputy CEO role.

Source: International New York Times August 04, 2020 07:41 UTC