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Societe Generale Makes Cuts in FX

Societe Generale has made a number of cuts to its FX division with at least nine people leaving the company in London and New York, according to market sources.

The most high profile departure from the bank is Scott Bennett, Societe Generale’s chief FX dealer in New York, who was partly responsible for running its agency business. No replacement has been announced yet, although sources indicate that an announcement will be made this week regarding Bennett’s successor.

These sources indicate that emerging markets trader, Pratik Shah, and Dennis Heidt, a former director at Nomura Securities, are among those that have left Societe Generale

Christopher O’lear, head of EM sales, Willie Williams, a director and global macro specialist, and Felix De Ambrosi, a director in emerging markets sales, have apparently also departed from the New York office.

In London it is believed that three senior FX staff have left Societe Generale. Earlier this year, Societe Generale closed its small FX trading desk in London following a reorganisation following its full acquisition of Newedge.

This latest round of cuts were not related to any investigations regarding allegations of impropriety, but were instead a further result of Societe Generale’s decision to take complete control of Newedge earlier this year, according to sources.

A spokesperson for the bank had not responded to requests for comment at the time of publication.

galen@profit-loss.com

Profit & Loss

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