PARIS (Reuters) – France’s Societe Generale <SOGN.PA> is seeking to make its top management structure leaner to better answer its clients’ needs, a spokeswoman for the bank said on Friday.
The bank “confirms it considers the implementation of a new simplified organization,” the spokeswoman said. It would comprise about 15 business units and about 10 service units reporting to senior management, she added.
Chief Executive Officer Frederic Oudea had told staff internally on Tuesday about the plan.
By doing so, SocGen would remove the hierarchal layer of its three group pillars (French Retail Banking, International Retail Banking and Financial services, Corporate and Investment Banking).
Financial Communication for the group would still be made under these three pillars, under the plan.
The internal change follows the appointment earlier this year of Didier Valet as deputy CEO, with the goal of improving SocGen’s governance.
(Reporting by Maya Nikolaeva and Julien Ponthus; Writing by Mathieu Rosemain; editing by John Irish)