Bloomberg News

Societe Generale Credit Analysts Said to Leave as Bank Shrinks

July 20, 2012

Roger Horn left his post as managing director and head of credit research for the Americas at Societe Generale SA (GLE) in New York last week, according to people familiar with the move.

Horn’s departure follows the exit this month of John Guarnera, another analyst at France’s second-largest bank by market value, who now works at London-based BlueBay Asset Management Ltd., said the people, who asked not to be identified because the changes haven’t been announced.

That leaves Jaimin Patel on the credit research desk in New York for the firm, ranked 17th this year worldwide in underwriting corporate bonds, according to data compiled by Bloomberg. Hank Calenti, a credit analyst in London, is in New York to help cover some U.S. corporate borrowers, another person said.

James Galvin, a New York-based spokesman for the bank, Horn, who is on so-called gardening leave before joining an investment firm, and Guarnera declined to comment.

Societe Generale has said it’s cutting 1,580 corporate- and investment-banking positions worldwide. The Paris-based bank reached a goal of 880 voluntary staff departures, a union official said June 26.

To contact the reporter on this story: Mary Childs in New York at mchilds5@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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