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UPDATE 1-Societe Generale creates global markets div

Thu Jul 9, 2009 3:16am EDT

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(Updates with confirmation)

PARIS, July 9 (Reuters) - Societe Generale (SOGN.PA) has created a global markets division which combines the French bank's market operations to better combat fallout from the financial crisis, a newspaper reported on Thursday.

The division, which was officially created on Wednesday, will be headed by Christophe Mianne and brings together fixed income, commodities and equity operations, Les Echos said. Mianne previously headed SocGen's equity derivatives division.

Grouping both operations into one division would bring revenue and cost advantages, make more efficient use of resources and better manage risk, the paper said, adding that the new unit's front office employs around 2,600 people.

A spokeswoman for SocGen on Thursday confirmed the report, adding that the move is a continuation of the bank's strategy to develop selected divisions including investment banking and global finance.

SocGen first planned the reorganisation in 2007, but the project was derailed by a scandal surrounding rogue trader Jerome Kerviel which damaged the bank's public image.

Kerviel, a former junior trader at SocGen, made unauthorised deals which racked up a 4.9 billion euro trading loss. (Reporting by Sophie Taylor; editing by Simon Jessop)



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