Societe Generale Chief Executive Frederic Oudea will take over control of the French bank's risk and compliance functions after paying US $ 2.7 billion to resolve legal disputes in the United States. Deputy CEO Diony Lebot, who oversaw the recovery programs related to the 2018 litigation, will be responsible for the bank's environmental, social and governance policies.
The changes will take effect on January 17, 2022. Philippe Aymerich remains Deputy CEO and responsible for all retail banking activities.
In 2018, the bank agreed to pay a total of $ 2.7 billion to resolve a number of legal disputes, including investigations into the settlement of dollar transactions in violation of U.S. sanctions against Cuba and other countries.
The bank agreed to pay $ 1.34 billion to settle investigations into its handling of dollar transactions in violation of US sanctions against Cuba and other countries, the bank and US authorities said in separate statements.
Additionally, the bank said it agreed to pay $ 95 million to settle another dispute over anti-money laundering law violations.
SocGen, as the bank is informally called, has been haunted by a series of costly litigation for more than a year. The last case still to be resolved was that relating to dollar transfers made on behalf of entities in countries subject to US economic sanctions.
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