In choosing Slawomir Krupa as its next chief executive, Societe Generale’s board has favoured someone with intimate knowledge of the bank’s risks and a proven ability to manage its international regulatory relations.
These qualities will be particularly advantageous for the Paris-based lender as Europe enters an exceptionally dangerous environment – with a recession on the horizon, rampant inflation and rapidly rising interest rates.
Higher credit costs are coming, increased political intervention is possible and more volatility is certain in financial markets, where SocGen’s exposures are notoriously difficult to understand thanks to its weight in structured finance and derivatives.
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