SocGen bulks up its NY sales team - courtesy of Morgan Stanley
SocGen’s sales and trading team have been having a bit of a rollercoaster 2023. The French bank was having a relative blast when Q2 rolled around, but 2023's Q3 results were down on 2022 - and for the first nine months of the year the bank revenues were down 9% in equities trading business and 5% in fixed income trading, putting it back in line with its peers.
Still, that doesn't preclude the bank's senior management from recruiting senior traders from others banks.
The latest to join the party is Nitin Gupta. Gupta spent 15 years at Morgan Stanley, latterly as global head of fixed income automated trading and futures distribution (he joined Morgan Stanley fresh out of an MBA, and was a technologist at Cisco before that). Gupta joined SocGen last week in New York to be the bank’s Americas head of rates sales.
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SocGen is an interesting place to be. New(ish) CEO Slawomir Krupa was brought in on a mandate to get the house in order – but the bank’s investor day left a lot to be desired in terms of radical change. The bank has both cut employees in the US and brought in new sales & trading people, including from Deutsche Bank and Standard Chartered. Whether Krupa’s bet on new blood pays off depends on how those new hires integrate into what has, historically, been one of banking’s poorer sales and trading teams.
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