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Foreign Exchange

Exclusive: Mystery as Société Générale suspends two senior FX staff

Global head of spot and option trading, head of structuring Europe and Asia, are both asked to leave.

Update: Société Générale sets tongues wagging

             20 November

Euromoney understands that Société Générale’s Corporate & Investment Banking unit suspended two senior employees at the end of October. Didier Meyer, its global head of FX options and spot trading, and Eric Leandri, its head of FX structuring for Europe and Asia, have been relieved of their duties.

No reasons have been given for the suspensions. Euromoney contacted SocGen, but it declined to comment on individuals. We also tried to contact the individuals involved, but they did not respond.

A spurt of activity in the options market by SocGen – it was particularly active at the long end of the EUR/USD curve – inevitably led to rumours that the suspensions were related to a large trade that had somehow gone wrong.

The talk in the market is that SocGen advised a client with huge exposure to the downside of EUR/USD to put on a €5 billion hedge through a combination of outright forwards and the purchase of longer-dated out-of-the-money EUR calls. Sources close to Meyer insist that no loss was incurred, which has been confirmed by SocGen. “We do not comment on any individuals. There has been no problem with any client trade or any wrong-doing towards a client in this context, and no financial loss towards a client or the bank,” says a SocGen spokesman.

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