Like every other bank on the planet, SocGen is dispensing with senior people in its fixed income business. The French bank said last month that it planned to get rid of 90 jobs from its trading operation. Unsurprisingly, most of the fallout seems to be expensive people with plenty of experience.
Headhunters say Amaury D’Orsay, global head of rates and emerging markets is no longer in his role. D’Orsay has worked at the bank for over eight years and is understood to be continuing in a role which has yet to be determined. Daniel Fields, head of global markets, left SocGen last month to “pursue other opportunities” and now describes himself as “living” on LinkedIn.
SocGen declined to comment.
Other recent exits include Marcus Mielert, a financials credit trader who’d worked at SocGen since 2008 and Lionel Daniele, a senior credit trader who’d been with the bank since 2003.
Not long ago, SocGen was making promising noises about its fixed income business, and was hiring credit traders in Europe. The French bank’s fixed income traders had an excellent start to the year, with revenues rising 17% while those at other banks plummeted. Nonetheless, SocGen needs to save money on rising compliance costs and senior traders are an easy target.
While fixed income people are going, SocGen’s equities franchise seems to be benefiting. Marc El Asmar, former global head of sales for equity derivatives, was last month appointed global head of sales for the whole of the financial markets division.
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