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Société Générale chief executive Slawomir Krupa has replaced his top executives just over a year after he launched a reset strategy at the French bank.
Deputy chief executive Philippe Aymerich, chief financial officer Claire Dumas, and the head of French retail banking Marie-Christine Ducholet are all stepping down, the bank said on Thursday as it announced Krupa’s second top management reshuffle since being appointed a year and a half ago.
Krupa will take over direct management of French retail banking, private banking and insurance as part of the reorganisation. Pierre Palmieri will remain as sole deputy chief executive, while Leopoldo Alvear will join as chief financial officer from Spain’s Banco Sabadell in January.
Krupa’s turnaround approach has focused on rebuilding capital but has struggled to gain traction with investors, with the bank cutting the outlook for its retail bank in August.
However, on Thursday SocGen said its net income had risen sharply to €1.37bn in the third quarter, from €295mn the previous year, helped by improved performance from its French retail bank.
The result beat consensus expectations from analysts, and sent shares up by almost 8 per cent in morning trading on Thursday.
The lender said revenues rose by 10.5 per cent to €6.8bn, helped by higher revenue from equities trading and fixed income. SocGen said its equities business benefited from a “very good performance from derivatives amid favourable market conditions”.
“Over the past 18 months, we have initiated numerous transformation, development and efficiency initiatives . . . Our ambition remains the same: to build a stronger and more profitable bank,” Krupa said.
