(Bloomberg) -- Slawomir Krupa has been running Societe Generale SA’s investment bank from New York since becoming its boss in January 2021. It’s been a puzzling decision for some of his colleagues: Many of the French firm’s traders are thousands of miles away in Europe.Most Read from BloombergBiden Demands US ‘Stand Up’ to Gun Makers After Texas AttackPlot to Kill George W. Bush in Revenge for Iraq War Was Foiled, FBI SaysFed Saw Aggressive Hikes Providing Flexibility Later This YearWhy So Few B
The outgoing chief executive of Societe Generale is in favour of selecting an internal candidate to lead the French banking group for the next 10 to 15 years after he leaves, a union representative said after meeting Frederic Oudea. One of the longest serving chief executives in European banking since the financial crisis, Oudea took investors by surprise on Tuesday, when he said he would step down in 2023 after 15 years of running the lender. Philippe Fournil, an official of the CGT union, said Oudea's successor was expected to be announced within six months so as to allow a smooth transition period of a half year.
Societe Generale said on Wednesday it had closed the sale of its Russian business Rosbank to the Interros group, a firm linked to Russian oligarch Vladimir Potanin, which will result in the bank taking a 3.2 billion-euro ($3.35 billion) net income hit. The impact of the sale reflects the evolution of foreign exchange rates since the announcement of the disposal on April 11. On March 31, Societe Generale’s CET 1 ratio was 12.9%, or around 370 basis points above the regulatory requirement.