Daniel
Truchi has been replaced by investment banker Jean-François Mazaud
as global head of Société Générale Private Banking (SGPB) following
months of speculation.
In January, PBI
reported on market rumours that Truchi was to be replaced by
Mazaud. SGPB denied the rumours at the time.
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By GlobalDataTruchi has left to pursue
new opportunities in the financial sector, SocGen said, in an
announcement.
Although talk has been
circulating for several months that Truchi had been talking to
SocGen about another management role, the change still came as a
surprise.
The informed talk is that
there had been internal discussions on making Patrick Folléa his
replacement.
Under the latest changes,
Folléa becomes the deputy head of SGPB.
He retains his existing
functions as chief executive of SGPB France and supervisor of the
private bank’s activities in Belgium.
SG drives through
CIB agenda
What is believed to have sidelined the Folléa succession plan
was the big restructuring of SocGen’s corporate and investment bank
(CIB) to comply with tough new European rules on capital.
Some new roles were
understood to be needed to be found for CIB executives as a result
of the restructuring, said a Paris source familiar with the
changes.
“SocGen also wanted to
drive private banking to take on a more corporate investment
culture,” the unnamed source said.
That may cause some
dismay within the SocGen private bank, according to another unnamed
source.
“It’s a big strategy
that’s quite ambitious and challenging.
“Some of the private
banking staff do not understand the changes, as new man
[Jean-François] Mazaud comes from elsewhere in the bank and there’s
worry about their future,” another Paris source said, speaking on
condition of anonymity.
Amicable
departure
Truchi himself couldn’t
be reached for comment, although SocGen sources say his departure
was “entirely amicable”.
It is understood that,
after serving out a period of gardening leave under non-compete
restraints, Truchi will look at a prominent new role in private
banking.
He is well known for
taking the view that, at the top level, a bank must have global
advisory reach – across Asia, Europe, the Middle East and North and
South America – to meet the demands of really major clients.
Truchi will be a catch
for a bank or independent institution wanting to make its mark in
the wealth business.
He gained experience as
head of private banking for SocGen in Asia before taking on the top
job in Paris.
“His experience in Asia,
the key market nowadays for private banking, is what is going to
make him very attractive for potential employers,” one top
headhunter said, speaking off the record.
Meanwhile, it is stressed
that there is no connection between Truchi’s departure and SocGen’s
disclosure that it is facing a disciplinary probe by the French
banking regulator.
The regulator, L’Autorité
de Contrôle Prudentiel, has focused its inquiry on controls in
SocGen’s private bank over money-laundering and terrorism financing
as part of a broad inquiry into French banks’ defences against
these abuses.
Changes at the
top for Deutsche?
Meanwhile, a shakeup is
underway at Deutsche Bank which may see its head of private banking
make way for an investment banker.
Deutsche plans to
establish a fourth business line for the bank, asset and wealth
management.
The new unit is due to be
headed by investment banker Michele Faissola.
Asset management is
presently headed by Kevin Parker and the private banking business
by Pierre De Wenbck, both of whom may not hold senior positions
after Josef Ackermann retires in May, according to unnamed Deutsche
sources.
A Deutsche spokesperson
would not comment when contacted by PBI.
