Société Générale
From MarketsWiki
| Société Générale Group | |
| |
| Founded | 1864 |
|---|---|
| Headquarters | Paris, France |
| Key People | CEO Frédéric Oudéa, Chairman Daniel Bouton |
| Employees | 151,000 |
| Products | Retail, corporate and investment banking, investment management |
| Web site | http://www.socgen.com |
Société Générale - better known as SocGen - is a diverse, Paris-based global financial services company operating in 82 countries. Like many of its competitors, SocGen was hurt by the 2007 collapse of the U.S. subprime mortgage market
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Contents |
History
SocGen began in May 1864 under a decree from Napoleon III and by 1870 had 15 Parisian branches and 32 in the provinces. The bank established a permanent office in London a year later.[1]
The SocGen Group today has assets of more than €1 trillion[2] and operates as three businesses:
- Retail Banking and Financial Services
- Global Investment Management and Services
- Corporate and Investment Banking[3]
Key People
Group CFO Frédéric Oudéa landed the CEO's job in March 2008 after serving five years as SocGen's Deputy CEO and six years as CFO.[4] He joined the bank in 1995 after serving in several French civil service posts and attending France's most prestigious graduate school, the Ecole Nationale d'Administration (ENA).[5]
Latest News
SocGen released its first quarter report on May 13, 2008 showing a profit decline of 23.4 percent compared to the first quarter of 2007. The bank had earlier posted a €513 million loss on the US subprime mortgage market and dealt with a rogue-trader scandal, partly by posting the trader's actual losses in the first quarter of '08 back to the fourth quarter of '07.[6] SocGen executives have also proposed a buyback of 10 percent of the group's shares, to be decided at the 2008 AGM in late May.[7]
References
- ↑ Our History. Societe Generale. Retrieved on May 22, 2008.
- ↑ Societe Generale Quarterly Balance Sheet. Reuters. Retrieved on May 22, 2008.
- ↑ Societe Generale Group. BusinessWeek. Retrieved on May 22, 2008.
- ↑ Frédéric Oudea, Chief Executive Officer. SocGen.com. Retrieved on May 22, 2008.
- ↑ Executive Profile: Frederic Oudea. BusinessWeek. Retrieved on May 22, 2008.
- ↑ Société Générale profit falls; Crédit Agricole seeks capital. International Herald Tribune. Retrieved on May 22, 2008.
- ↑ ibid.. BusinessWeek. Retrieved on May 22, 2008.
