SocGen to Reorganize Investment Bank in CEO’s ‘Asset-Light’ Plan
- Bank sets up teams to sell more of its loans to investors
- Revamp to result in 40 job cuts at financing and advisory unit
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Societe Generale SA plans to reorganize its investment bank to allow it to sell more assets onto investors, as Chief Executive Officer Slawomir Krupa wants to use the firm’s balance sheet more efficiently.
As part of the revamp, the Paris-based lender is creating two new units at its financing and advisory operations, according to an internal document seen by Bloomberg News. A “credit portfolio management” group will oversee the financing books, allowing for a better allocation of the bank’s capital. The unit is expected to employ 213 staff in Paris.