Societe Generale to lose head of Private Banking

The head of Societe Generale Private Banking Daniel Truchi is reportedly set to leave the group following announcements that severe staff cuts are to take place at its corporate and investment banking unit.

Truchi (pictured) joined Société Générale Hong Kong & Singapore in 1997 as the chief executive of private banking Asia Pacific before returning to Paris as global head of private banking in 2007.

He is soon to be replaced as head of the private bank, according to a Reuters report. Societe Generale Private Bank and its parent group could not be contacted for comment.

This is 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. He had been with the group since 2004.

It recently emerged O’Hare has now joined UK-based group Signia Wealth as managing director and head of investment solutions.

This is a period of intense restructuring for Societe Generale group as a whole. It recently announced it will cut 880 jobs in France and 700 abroad within its corporate and investment banking unit.

When the group’s results for the third quarter of 2011 were announced, SocGen’s chief executive Frédéric Oudéa said another 2,000 jobs were to be cut in Russia and further staff reductions made in Romania, the Czech Republic, Poland and Egypt.

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