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Société Générale To Replace Private Banking CEO - Report

SocGen, the French bank, is to replace its private banking boss as part of an overhaul to the business, a report said, citing a number of unnamed sources.
Société Générale will announce an overhaul of its private banking unit that will see Daniel Truchi replaced as head of private banking, Reuters reported, citing several unnamed sources.
The Paris-listed bank declined to comment on the matter when contacted by this publication late yesterday.
SocGen is cutting jobs, selling assets and overhauling management under chief executive Frederic Oudea as it seeks to restore investor confidence after suffering, like other European banks, from a tough year. In particular, the bank has seen its share price hit amid concerns about the firm’s exposure to eurozone debt from nations such as Greece.
"Operationally, (Truchi) is stepping down as head of the private bank," one of the sources told the news service.
Several sources said that SocGen's deputy head of global finance, Jean-Francois Mazaud, was set to join the private bank as part of the reorganisation but it was not clear in which post, the report said.
Truchi first joined SocGen in 1997 as head of its Asia-Pacific private bank. He became global CEO of the private bank in 2007. The announcement is expected late next week, one of the sources said, the report added.
As reported in November, private banking net income - also expressed as revenue - fell 6.4 per cent year-on-year to €190 million ($261 million) in the third quarter of 2011, as adverse market conditions, such as ultra-low interest rates, hit this business, the bank said as it also set out the potential impact of Greek-related debt losses. The private bank logged assets under management of €83.6 billion, a rise of 2 per cent from the end of September 2010 despite the volatility in markets over this period. At €158 million, operating expenses rose 5.3 per cent year-on-year, due mainly to increased staffing and business projects.