Weeks after revealing plans to cut 1,600 jobs, largely in its corporate and investment bank, and days after revealing a 26% drop in first quarter revenues, Societe Generale has named a new head of fixed income and currencies.
Sylvain Cartier has been named as head of FIC, he will be based in Paris and will report to Jean-François Grégoire, head of global markets. In line with the strategic adjustments recently announced by the bank in fixed income and currencies, it says Cartier will work on “the refocusing of the flow activities (cash and flow derivatives) and to further develop investment and financing solutions to make rates, credit and currencies activities more profitable”.
Cartier was previously head of global markets for the Americas at SocGen, that role is being taken up by Hatem Mustapha, formerly he was head of equities and derivatives for the Americas.
Cartier will relocate from New York to Paris and Mustapha will remain based in New-York where he will report to Slawomir Krupa, chief executive officer for Societe Generale Americas and to Grégoire. His replacement will be announced in due course, the bank says, adding that the appointments will be effective in Q3 2019, upon Cartier’s relocation.