SocGen's Mianne Becomes Latest Senior Banker to Depart Firm

Updated on
  • Mianne was deputy head of corporate and investment banking
  • Banker departing after 29 years to pursue other opportunities

Societe Generale SA’s Christophe Mianne, one of the French lender’s most senior executives in trading and investment banking, is leaving after almost three decades, the latest in a string of departures at the unit.

Mianne, 53, will depart on March 24 to pursue other opportunities, a spokeswoman for the lender said Monday by phone. He has worked as the firm’s deputy head of corporate and investment banking, private banking, asset management and securities services since February 2013, and joined the securities division in 1988, according to Societe Generale’s website.

Mianne’s planned departure comes weeks after Didier Valet, who oversees the securities unit, was promoted to be one of the bank’s deputy chief executive officers while keeping direct control of the division. The French bank is not seeking a replacement for Mianne’s role, said a person familiar with the situation who declined to identified because the matter is private.

Societe Generale, led by CEO Frederic Oudea, has had a number of senior departures from its trading businesses in the last year, including Maxime Kahn and Gregory Salon, co-heads of trading equities and equity derivatives for Europe, and Daniel Fields, head of global markets.

SocGen closed little changed at 41.79 euros in Paris. The stock has gained 39 percent in the past six months.

Mianne, one of the bank’s pioneers in equity derivatives in the late 1980s, took up his current role in 2013 after serving as global head of markets. He has been a member of the group management committee since 2001. Mianne didn’t immediately reply to a message to his LinkedIn account seeking comment.

To read about Valet’s promotion at SocGen, click here.

Societe Generale has avoided the kind of deep restructuring of its investment bank that many of its European rivals have undertaken, and has expanded through takeovers in private banking and car leasing. Net income from global banking and investor solutions, which includes trading and investment banking, rose 51 percent in the fourth quarter of 2016.

Valet, a former analyst, replaced Oudea as chief financial officer in 2008, when the latter became CEO just months after Jerome Kerviel’s 4.9 billion-euro ($5.2 billion) trading loss. He took over the investment bank in 2012.

(Updates with no replacement of Mianne’s role in 3rd paragraph, shares in 4th.)
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