We deem on exhibit hammer unions in choirIt is a possibility which we think confirms in ZurichAnd for once they have to answer to anyone I have the feeling to grow with my companyIt is important to inform before decidingIt must not touch sheet floats suspended on hot airHowever on this last point nothing is earnedWe have an ongoing dialogue she continues52 eurocents for the first category of employee against 8The companies have had again all reviewAfter the earthquake, aftershocks. Five days after the revelation of massive fraud which Société Générale says have been a victim, the Spotlight focused on the direction of the Bank. While official sentence still to convince and that counsel for Jérôme Kerviel organise the defence of the trader, the CEO of Société Générale days appear numbered. Daniel Bouton was yesterday in London. Tomorrow it will be before the Board of Directors of the Bank to explain again how he intends to "rebuild what was destroyed by the mad work" of Jérôme Kerviel.
But in the Community financial as in the political class, the attacks on the pattern of the Société Générale are more direct. Starting with the President of the Republic, Nicolas Sarkozy: "I don't like to wear personal judgment on people, especially when they are in difficulty, but it is in a system where, when strong earnings which is no doubt legitimate, and that there is a strong problem, cannot be exculpated responsibilities." A wise...
"Once the bourrasque and implementing flat responsibilities, I hope that the President and CEO of Société Générale will present once again his resignation, had said earlier in the day Frédéric Lefebvre, the national Secretary of the UMP for the economy. I understand that the Board did not intend that the captain left the ship in the turmoil, but I can't imagine that once things are settled, he does not accept this resignation. "In the entourage of the Bank, were reminded yesterday evening that Société Générale is a private institution governed by its Board of Directors decisions. Meeting last Wednesday, the Council had refused the resignation of the CEO, giving mandate to "deliver the Group on the path of profitable growth".
Ejection seat
So far, Daniel button, the dismay was noticeable for its past interventions, appears on an ejection seat. "The question is not whether he should go, but when he must go", meant in the markets where it is, it is true, rarely likely to the provok. "My resignation is still on the table, reminded yesterday Daniel button on Europe 1. The Board of Directors will decide to exercise when he wants to. "According to some observers, Philippe cistern, the Director-General delegate, could provide an interim for departure. Concerns also weigh on the direction of the financing Bank and investment (BFI), nearly makers trades having changed in recent weeks. "The management is beheaded, summarizes a competitor. And there is a problem of renewal of the generations behind those departing.
Invariably, therefore re-emerging issues on the strategy of the independence of the Bank, which could not withstand the departure of its main Defender, Daniel Bouton. The list of the names of potential buyers is long, BNP Paribas to HSBC from Santander, Barclays or UniCredit. Dismantling of the Société Générale scenarios begin even to circulate, which would see BNP Paribas resume bank retail and Credit Agricole SA or Crédit Mutuel the BFI.... "The designs on the Société Générale have would be a good perilous exercise, especially on the BFI, one of the most sophisticated in the world;" "operational risk would be enormous", temper a skilled observer.
"Expect to see more clearly.
By the voice of Henri Guaino or Patrick Devedjian, public authorities have indeed not missed to brandish the threat of intervention by the State for OPA. Statements clearly directed against foreign predatory potential. However, it is unlikely that a bank is attempting a any manoeuvre before the municipal elections in France. And what in any before the capital increase of 5.5 billion euros to launch the Société Générale. "Expect to see clearer, said a banker of place." For the medium term, cannot however that two of the main obstacles to a merger between BNP Paribas and Société Générale are now lifted, in this case the incompatibility of the "top management" and market banks. "Yesterday the action of the General society still dropped 3.82, to EUR 71,05, after having already slipped 13,44 last week. The Bank is now 33 billion euros on the stock exchange.
