- Asia-Pacific markets head Drouet to take over on Monday
- Fields to pursue `other opportunities outside the bank'
Societe Generale SA appointed Frank Drouet as head of global markets, with Daniel Fields leaving France’s second-largest bank.
Drouet, in charge of global markets for Asia-Pacific, will report to Didier Valet, head of global banking and investor solutions, and join the management committee, the Paris-based lender said in a statement on Monday. Fields has decided to “pursue other opportunities outside the bank,” it said.
Chief Executive Officer Frederic Oudea, 52, is cutting jobs across the global-banking and investor-solutions division to reduce costs as regulators toughen scrutiny of riskier activities. The lender is seeking to eliminate 90 jobs at its trading business, largely through voluntary departures, it said earlier this month.
“I’m leaving for personal reasons,” Fields said in a phone interview. “I’ve got projects that are interesting me and, after 22 years at the bank, it’s time for the management at markets to change.”
Drouet, who ran the markets unit in the Asia-Pacific region for the past four years, has been with Societe Generale since 1990, according to a biography on the lender’s website.
Societe Generale, among European lenders battling a slump in trading revenue, posted an 18 percent drop in net income at the global markets unit last year. Oudea signaled in February that the bank may struggle to reach its 2016 profitability target, citing “headwinds” including regulatory pressures, record-low interest rates and volatile markets.
Yet while the lender announced a series of cost-cutting measures last year, it has stopped short from deeper investment-banking reductions like those underway at Deutsche Bank AG and Credit Suisse Group AG. The French bank’s shares are down about 20 percent this year.
The French lender is the world’s biggest trader of equity derivatives, financial instruments whose values are derived from underlying assets such as common stock, and joint second among dealers of all equity products across Europe, the Middle East and Africa, according to Coalition Development Ltd.
Fields joined Societe Generale in 1994 as an equity-derivatives trader in New York, according to the bank’s website. He moved to Paris in 2006 to head the flow and listed product sales group and was appointed global head of trading in 2009.
“I would like to thank Daniel Fields for his long-term commitment in developing our markets activities in a sometimes difficult financial environment,” Valet said in the statement. Drouet’s “international experience and strong understanding of global markets businesses” will help “pursue the adaptation and development of our market activities,” he said.