Societe Generale replaces head of private banking

Societe Generale has appointed Jean-François Mazaud as head of Societe Generale Private Banking to replace Daniel Truchi, as well as a new deputy head of the private bank.

Mazaud will also join the executive committee of the private banking, asset management and securities services division and becomes a member of the general management committee of Societe Generale group.

He replaces Truchi, who decided to pursue new opportunities in the financial sector outside Societe Generale group. Mazaud reports to Jacques Ripoll, head of the division.

Mazaud has been with Societe Generale since 1993, occupying a variety of positions including head of debt capital markets and head of global finance for Societe Generale Corporate & Investment Banking.

Truchi’s resignation was the second high profile departure from the private bank in recent months. Last year its subsidiary Societe Generale Private Banking Hambros lost its chief investment officer Martin O’Hare who switched to UK-based Signia Wealth as managing director.

This is a period of intense restructuring for Societe Generale group which said last year it will cut 880 jobs in France and 700 abroad within its corporate and investment banking unit.

Elsewhere within the bank Patrick Folléa has been appointed deputy head of Societe Generale Private Banking while retaining his existing functions as chief executive of Societe Generale Private Banking France and supervisor of the private bank’s activities in Belgium.

Folléa will replace Yves Thieffry who is taking another position within the private bank.

These appointments will take effect on March 10, 2012.

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