SocGen has lost its most senior credit trader.
Insiders say Laurent Henrio, global head of credit trading at the French bank, left yesterday after resigning two weeks ago. Neither SocGen nor Henrio responded to requests to comment.
Henrio joined SocGen from J.P. Morgan as head of structured credit trading in 2010. He was promoted to deputy head of global credit trading in March 2016 and then to global head in May 2017, managing all exotics and flow trading. It's not clear who's replacing him or where he's going next, but Henrio is thought to be joining the buy-side.
Henrio's exit follows analysis of first quarter results by banking research firm Tricumen, which suggested that costs at SocGen's fixed income sales and trading business were abnormally high as a proportion of revenues. Revenues at SocGen's fixed income trading business fell 30% year-on-year in the first quarter of 2018, while those at Goldman Sachs, Morgan Stanley and J.P. Morgan rose 23%, 9% and 8% respectively. At Deutsche Bank, first quarter fixed income revenues were down 16%.
SocGen wants to grow its fixed income trading business though. In last November's investor day strategy presentation it said it wants to achieve ~2.5% compound average growth in its global markets division and to increase its global markets presence in the eurozone. In January we reported that SocGen hired Kaisa Johanna Eskelinen, a credit saleswoman from Credit Suisse to help grow its business.
Henrio's exit follows other senior moves at SocGen. Richard Quessette, head of equity and equity derivatives for global markets, left earlier this month.
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