SocGen’s CEO Oudea takes over control of risk after U.S. penalties
FILE PHOTO: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris, France, February 4, 2020. REUTERS/Benoit Tessier/File Photo
PARIS (Reuters) – Societe Generale (OTC:SCGLY) Chief Executive Frederic Oudea will take over control of the French bank’s risk and compliance functions after it paid $2.7 billion to settle legal disputes in the United States.
Deputy CEO Diony Lebot, who has overseen remediation programs related to the 2018 legal proceedings, will take over responsibility for the bank’s environmental, social and governance policies.
The changes will be effective from Jan. 17, 2022.
Philippe Aymerich remains deputy CEO in charge of all retail banking activities.
In 2018, the bank agreed to pay a total of $2.7 billion to settle a series of legal disputes, including investigations into its handling dollar transactions in violation of U.S. sanctions against Cuba and other countries.