Reuters reports that Societe Generale is expanding its private bank unit for wealthy clients in Europe and is hiring in France, Britain and Luxembourg to boost growth and capture a cyclical recovery, executives at the French bank said on Tuesday.
The aim is to focus on markets where SocGen has sufficient market share in private banking - where banks charge a premium for personalised services in areas such as fund management - and potential for profitable growth, Jean-Francois Mazaud, head of private banking, said.
The Financial Times reported earlier this week that Société Générale is expanding its bond trading business in a move to get a stronger global foothold as most of its European banking rivals are cutting back.
The firm plans to add up to 150 staff to its 1,070-strong trading workforce in Asia and the US this year as it aims to build up its credit, rates and currencies business, people close to the situation said.
SocGen beefs up US and Asia bond trading units (subscriber content)