Bloomberg News

SocGen Chief Says No Plans to Transfer CIB Businesses to London

August 29, 2012

Societe Generale SA (GLE) has no plans to shift corporate- and investment-banking businesses to London and is about to open a new facility in Paris to enlarge its trading headquarters, Chief Executive Officer Frederic Oudea said.

“There is absolutely no plan to move our businesses to London,” Oudea said in a Bloomberg Television interview near Versailles, France, today. “We have selected Paris as the core center for our corporate- and investment-banking and we are just close to effectively inaugurate a new building, and as part of that we are just reviewing, as normal, our implementation.”

Some of Societe Generale’s Paris-based traders are being offered salary increases of between 20 percent and 30 percent to transfer to London, French daily Les Echos reported yesterday, without saying where it got the information. Traders are also being offered guarantees that they will not be fired during two years if they agree to move, Les Echos said.

To contact the reporters on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net; Francine Lacqua in London at flacqua@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net;


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