In theory, French bank SocGen can't afford to hire many new traders. - An analysis of cost revenue ratios in the first half of the year at the French bank by research firm Tricumen suggested costs are disproportionately high compared to revenues in both equities and fixed income trading. In reality, SocGen still seems stocking up on new senior traders all the same.
The French bank has just recruited Hussein Dbouk, a former head of sovereign CDS trading and ex-managing director at HSBC. Dbouk is joining as a managing director in SocGen's credit trading business.
Dbouk is not SocGen's only recent fixed income hire. In September the bank also recruited Manolo Pedrini, a former Goldman Sachs managing director and the ex-head of European rates and futures and options sales at Nomura.
Both Dbouk and Pedrini will be based in London, even though the bank has reportedly told 300 staff they will need to move to Paris because of Brexit.
The moves come after SocGen lost its global head of credit trading, Laurent Henrio, in June 2018. Henrio joined Axiom Alternative Investments as a portfolio manager in September.
SocGen is due to report its third quarter results on November 8th. In the first half of 2018, fixed income trading revenues at the French bank fell around 18%. Nonetheless, SocGen aspires to become a leading player globally in flow products trading.
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