MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, February 15, 2013 After TCW Sells, Heads Roll at SocGen Sometimes a big deal won't make your problems go away. Take, for instance, the situation of French financial giant Societe Generale, which earlier this month completed its sale of TCW to the Carlyle Group and a group of TCW employees. SocGen, France's second largest bank, posted a fourth-quarter loss of 476 million euros, compared to the 100-million euro profit it had made a year ago. The company had to deal with tougher global capital requirements and various legal issues. It also had to write down its stake in the Newedge Group, a derivatives broker. The bank also reported a shuffling of senior management. Current chief financial officer Bertrand Badre is leaving SocGen to join the World Bank. He will be replaced by current deputy CFO Philippe Heim. Jacques Ripoll, the head of private banking and global investment management and services who oversaw TCW, is also leaving. His responsibilities will be taken over by corporate and investment bank head Didier Valet. The news was coverage by a gaggle of news outlets, including 89.3 KPCC, Bloomberg, Reuters and P&I. Printed from: MFWire.com/story.asp?s=43010 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |