At BNPP, the heads of the Corporate and Investment Banking and Asset Management & Services arms are to swap positions, while SG Corporate & Investment Banking has unveiled a new “core” executive committee, including a greatly expanded role for Christophe Mianné, formerly head of global equity and derivatives.
In a press statement, Baudouin Prot, CEO of BNPP, said that the swap will enable the two key executives to bring a “fresh eye” to each division. A major reason for the change is to drive better cross-selling across the bank. As of March 31, Jacques d’Estais, currently head of the corporate and investment bank will switch roles with Alain Papiasse, current head of asset management and services.
The switch comes shortly after BNPP announced a Q4 loss of €1.366bn and a 61.5% slide in net annual earnings. The bank said its financing and investment unit lost €2bn after being hit by the collapse of US investment bank Lehman Brothers in September last year. However, a spokesperson for the bank says that the management shuffle is not related. He stressed that the corporate and investment bank had put in a good performance in January, and stated that this kind of move is relatively routine at BNPP.
“This is a policy regularly adopted by BNP Paribas to create a fresh perspective,” says the spokesperson. “It is along similar lines to the changes the bank made in its retail banking division last year. In July 2008, we announced that a senior executive of the French retail bank would become the head of the consumer finance business and the head of the consumer finance business would become the new head of French Retail banking, replacing Jean-Laurent Bonnafe who became Group COO, effective in September 2008.”
At SG CIB, the new core executive committee will comprise: Thierry Aulagnon, head of the corporate, institutions and advisory division; Jean-Luc Parer, head of the capital raising and financing division, and Slawomir Krupa, chief of staff, who will be in charge of strategy. Christophe Mianné has been appointed head of the global equity and derivatives solution division and of the fixed income, currencies and commodities (FICC) division, effective immediately. So far, it is unknown who will be appointed chief operating officer.
The biggest change comes for Mr Mianné who, in his new role, will carry out a wholesale review of the possible regrouping of capital market activities; it is hoped that this will enable the bank to strengthen client synergies and consolidated risk and resources management. Mr Mianné’s appointment is subject to agreement by the workers’ council.
A spokesperson for the bank says that Mr Mianné’s role is in fact a reinstatement to the same appointment, originally planned for December 2007. After the furore unleashed by the alleged rogue trading of Jerome Kerviel, the bank decided that Mr Mianné should focus on his original role as head of the equity and derivatives solution division.
It is unclear what role will be give to Olivier Khayat, who reshaped SG’s FICC business following his appoint as head of FICC in January last year. A spokesperson declined to give further details about Mr Khayat, but said that he will take on a new role within the Société Générale group.
It was also announced that Patrick Soulard, until recently deputy chief executive officer, Société Générale Corporate and Investment Banking, is leaving to pursue other interests.
