- He succeeds Frank Drouet, promoted to lead global markets
- Escoffier, head of sales for global markets, to leave bank
Societe Generale SA, France’s second-largest bank, appointed Yann Garnier head of global markets for the Asia-Pacific region after his predecessor was promoted to lead the division globally.
Garnier, who is based in Hong Kong and had been deputy head of Asia-Pacific global markets, assumes the role with immediate effect, the Paris-based bank said in an e-mailed statement Monday. Garnier, who has been at the bank since 1998, succeeds Frank Drouet, whose promotion was announced a week ago.
The bank also said David Escoffier, who had been head of sales for global markets, is leaving. He will be replaced in that role by London-based Marc El Asmar, who has worked at Societe Generale since 1999 and was previously deputy head of equities and derivatives and co-head of cross asset sales. Escoffier had also been chief executive officer of Newedge, Societe Generale’s derivatives brokerage.
Societe Generale, the world’s biggest trader of equity derivatives, is cutting costs as regulators toughen scrutiny of riskier activities, and said this month that it’s seeking to eliminate 90 jobs at its trading business, largely through voluntary departures. Drouet was promoted to replace Daniel Fields, a 22-year veteran of the bank, who said last week that he was leaving for personal reasons.
The French bank, among European lenders battling a slump in trading revenue, posted an 18 percent drop in net income at the global markets unit last year.