Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

The business on: Frederic Oudea, Chief executive, Société Générale

David Prosser
Thursday 04 November 2010 01:00 GMT
Comments
(BLOOMBERG)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

The man to whom Jerome Kerviel owes €5bn?

Sort of, though you might argue that Mr Oudea owes the rogue trader too. He got the top job at SocGen two and a half years ago when the former chief executive, Daniel Bouton, felt compelled to respond to investors' fury over the Kerviel affair by giving up some power. Anyway, one imagines Mr Oudea isn't counting on Kerviel finding too much of the $4.9bn the French courts have told him to pay his former employer.

Can SocGen get by without it?

It seems to be doing fine. The bank's latest quarterly profit, announced yesterday, was double the figure for the same period last year and it says it does not need to raise capital.

So tell us about Mr Oudea

Well, if you wanted to design anidentikit member of the French elite, the SocGen boss wouldn't be a bad template. He went to the prestigious Paris lycée Louis Le Grand, before moving to the Polytechnique's engineering graduate school.

Only a poly? That's not so elitist

You've not quite got it. It's not a poly, but the Polytechnique, the training ground for France's business leaders. People call it "X" after the mathematical variable, because it needs no other description. Next, Mr Oudea went to the National Administration School, whose graduates, known as "enarques", include several French presidents.

Was he tempted by politics?

Well, he had a long spell in the French finance ministry, where he worked closely with the then budget minister, Nicolas Sarkozy, so it would have been possible. Instead, he moved into finance, joining SocGen in 1996.

Any failings at all?

Maybe his parenting skills? His fourth child was born right in the middle of the Kerviel scandal, and Mr Oudea admits he didn't spend a lot of time with his newborn son. But actually, he seems disgustingly well-rounded. Outside work, he's a sports lover, a keen skier, and a collector of art – his passion is 16th and 17th century Dutch and Flemish paintings.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in