UPDATE 1-Mustier to head SocGen asset management
September 27th, 2008 | by admin |(recasts with source confirming the Agefi.fr report)
PARIS, Sept 26 (Reuters) – Jean-Pierre Mustier, SocieteGenerale’s (SOGN.PA: Quote, Profile, Research, Stock Buzz) outgoing head of investment banking, willbecome the French bank’s head of asset management, privatebanking and security services, a source close to the companysaid on Friday.
Mustier, whose appointment should be announced early nextweek, will replace Philippe Collas, who will retire, the sourcesaid, confirming a report by L’Agefi.fr.
A spokeswoman for Societe Generale declined to comment.
In May, Societe Generale said it was replacing Mustier atits corporate & investment bank unit in the wake of a roguetrading scandal at the French bank.
Mustier, once tipped as a future chief executive, was inoverall charge of SocGen’s investment banking unit in Januarywhen the bank disclosed 4.9 billion euros ($7.17 billion) oftrading losses which it blamed on unauthorised trades by traderJerome Kerviel. (Reporting by Yann Le Guernigou, Matthieu Protard, DominiqueVidalon,; Editing by Paul Bolding)