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Note: Societe Generale has unveiled a new structure for its fixed income, currencies and commodities division, in what amounts to a complete overhaul of the group, led by Olivier Khayat, who took over as head of FICC in January.
Khayat moved to head FICC almost immediately after SG reported the Eu4.9bn trading loss, apparently resulting from unauthorised actions by junior trader Jerome Kerviel, and a separate Eu2.4bn writedown on subprime mortgage-related exposure on January 24.
Khayat's reorganisation involves promoting around 30 bankers within FICC and sweeps away much of the division's original senior management team, put in place when the FICC division was created in January 2007.
Of the 13 bankers appointed to run FICC in January 2007, only three, David Coxon, Paolo Taddonio and Francois-Xavier Saint-Macary, remain at the top level of the group.
Of the others, five have either left the bank or are about to leave; and one is moving to another part of the firm. The other five are still in FICC but as deputy heads of business or they are no longer on the management team.
That original team of January 2007 was led by Marc Breillout and Gregoire Varenne as joint heads. Frederic Desclaux was head of fixed income distribution and trading and Greg Medcraft head of securitisation.
Vincent Cazala was head of treasury, and Jean-Baptiste Destremau was head of structured interest rates and structured foreign exchange.
EuroWeek understands that Varenne will leave the bank in mid-April and that Desclaux is being moved to another area of the bank.
It is believed Breillout left his position in January, before the subprime writedowns were made public. Medcraft left the firm at the end of last year after a 27 year career. Cazala has also left....