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SG Cuts FX Staff in London

Following recent news of planned staff cuts at Societe Generale Corporate & Investment Banking (SG CIB), Profit & Loss understands that at least three senior FX staff have left the French bank. 

Tom Gillie, managing director, global head of FX trading, and Keith Hill, global co-head of e-FX sales at SG CIB, are among the early cuts to the FX team. Richard Ware, a senior sales/trader has also reportedly left.

Sources say Paris-based Jean-Michel Binefa, a managing director in the global markets division, will now head the FX group. Binefa has been with the bank for more than 14 years, most recently serving as global co-head of e-commerce, digital and internal FX.

Sources say additional cuts were made to the FX team, but roles and numbers could not be determined by time of going to press. These sources add that the US team will also be impacted, but that the cuts have not yet been announced. SG declines to comment.

Gillie joined SG at the beginning of 2017. Prior to that, he was at Bank of America Merrill Lynch, which he left a year earlier, last serving as global head of FX trading and head of EMEA equities trading. Gillie was at BAML for seven years, having joined from Credit Suisse where he was head of FX options trading and structuring.

Hill joined SG in mid-2012. He joined the bank from FXall, where he served as head of Europe, Middle East and Africa sales. He joined FXall in 2002 from the former rival platform Atriax, and Currenex before that.

Ware, who worked on the client facilitation desk focussed on spot G10, EM, NDFs, swaps and currency futures, joined the bank in 2009, and previously served as head of G10 spot trading prior to his most recent role. Prior to SG, he spent nearly 13 years at Credit Suisse as a senior trader.

Julie Ros

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