Brain Drain Continues at Société Générale
Players in the asset-backed securities (ABS) space continue to leave the Paris-based investment bank. Nonetheless, sources at Société Générale report active trading in ABS and other markets as well, especially in commodities and liquidity management, but stopped short of providing numbers. The bank is perhaps better known in the US as falling victim to the alleged rogue trading of Jérôme Kerviel who, by some accounts, cost the bank nearly €5bn ($7.29bn) in losses. At any rate, the ABS department in London is experiencing losses, whereas staff is opting to leave, as opposed to being forced out. Recently, the head of ABS trading Alex Lazanas and trader Rajan Dosanjh, left for positions at Evolution Securities. ABS analyst Chris Greener also recently left to take a buy-side position at BlackRock. Société Générale is not likely to refill the positions anytime soon. Write to Jacob Gaffney at email@example.com.