9 billion euros in the accounts of the Bank

Jean-Pierre Mustier will soon leave the head of the Bank Finance and investment (BFI) of the Société Générale CIB, to make way for Michel Péretié, who came from Bear Stearns. The Bank announced the new Friday, confirming information from the Internet site of "The Forum". The departure of this figure in the Bank seemed inevitable after the losses incurred by CIB in the financial crisis due to its exposure to "subprime" credit and the Kerviel case, which has dug a hole of 4.9 billion euros in the accounts of the Bank. These two accidents have been losing its superb at the BFI of Société Générale, after years of double digit growth and record profitability had a model in the banking world, through its activities in derivatives shares.

"New functions".

The departure of Jean-Pierre the direction of CIB Mustier marks an important step in the reorganization carried out for four months, the case Kerviel has already led two dismissals on disciplinary grounds, three professional failure and two resignations in the BFI. Jean-Pierre Mustier will however not completely leave the Société Générale. He is led to take "new features in the group" which "will be specified later", said the Bank. As a first step, Jean-Pierre Mustier should work with Michel Péretié, whose arrival is expected in mid-June, and who will officially take the direction of the BFI in the third quarter of 2008. He then joins the Executive Committee of the group. Michel Péretié, who has made a career in Paribas prior to joining Bear Stearns, is regarded as a specialist of rate trades. The new Director General of the Société Générale, Frédéric Oudéa, said he is "very pleased that he join CIB to continue to ensure the development of this strategic business for the Bank."

Reports submitted last week by the Special Committee of the Board of Directors have mis en cause failures in the control procedures of CIB and breaches of repeated direct hierarchy of Jérôme Kerviel. Without however the responsibility of the senior leaders of the BFI. The Banking Commission has also pointed to the shortcomings of the internal control of the Bank in the report without concessions that it comes from loop, at which the leaders of the SocGen must respond. Upon the discovery of the case, Jean-Pierre Mustier had offered to Daniel button to resign, before actively participate in the "roadshows" of the capital increase. "This terrible accident does not deserve that we destroy the tool he created", had then said Daniel Bouton.

"A reference".

When Daniel Bouton had taken the field, transferring branch of the Bank to Frédéric Oudéa, the latter had resumed directly supports the supervision of the BFI. Asked recently about the situation of Jean-Pierre Mustier, Oudéa had stated that he had his "full confidence" and it was presented as"a key to the group for the future", suggesting that the Bank the would not leave. "Jean-Pierre remains a reference for many of the bankers of CIB, indicates a connoisseur of Société Générale. It is difficult for them to see it go, it would be even more of the competition.