French bank Societe Generale has named a new chief financial officer and reshuffled its management team after swinging to a loss in the fourth quarter on the back of a weak euro zone economy and one-off charges.
France's No. 2 listed bank said Philippe Heim would replace finance chief Bertrand Badre - who is stepping down to join the World Bank after only a year in the job - and Jacques Ripoll, the head of its GIMS asset-gathering division, was leaving the group, as Reuters reported on Tuesday.
The bank pledged to cut costs over the next three years with its new team and a revamped structure, without giving details.
Like most banks across Europe, SocGen is under pressure to rethink its business model to boost profits in a post-crisis world of tougher regulation, whipsaw financial markets and government budget cuts across the continent.