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Societe Generale is forging ahead with its plans to build a global advisory business, undeterred by some fairly daunting competition. Last week, the focus was on France with its capture of JPMorgan's Thierry d'Argent but the bank is now scouring Europe for 20 coverage bankers and 15 M&A specialists to beef up what it acknowledges to be a weakness in advisory.
The plan is the brainchild of Michel Peretie, who joined as chief executive of SG corporate and investment banking last year in the wake of the Kerviel trading scandal.
Peretie's predecessor Jean-Pierre Mustier, with an equity derivatives background, had little...