“Cash management is the new derivative,” Jean Pierre Mustier used to say, as chief executive of UniCredit.
When Euromoney put that view to a senior investment banker who, unlike Mustier, stayed on at Societe Generale after the global financial crisis, the retort was that his former boss was just saying that because he had swapped a Ferrari for a Fiat, by joining the Italian bank.
Nowadays, few would compare SocGen’s investment bank to a Ferrari. In the early to mid 2000s, when Mustier ran the business, it helped drive the group to a return on equity (ROE) in the 20s.
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