Jean Pierre Mustier, the former head of Société Générale’s corporate and investment bank, will this week be appointed as head of UniCredit’s corporate and investment banking division, Euromoney has learnt. The position was previously held by Sergio Ermotti, who quit last autumn to join UBS. Mustier will report directly to UniCredit’s recently appointed chief executive, Federico Ghizzoni. Mustier joined Société Générale in 1987 from university and enjoyed an impressive career that saw him ultimately running the investment bank for five years. He was often spoken of as a successor to the group’s CEO, Daniel Bouton, but was caught up in the fall-out from the disastrous Kerviel trading fraud. In August 2009, Mustier resigned from Société Générale following charges brought by the French regulator, Autorité des Marchés Financiers, over allegations of insider trading. He was later cleared of all legal charges and is appealing an administrative fine imposed by the AMF.
In his new role at Italy’s largest bank, Mustier will be responsible for some 11,000 employees. The appointment will be approved at a board meeting this Thursday; he will join UniCredit in mid-March. The Italian bank has tried to expand its investment banking operations before but remains a mid-tier player heavily reliant on its positions in central and eastern Europe.