| Societe Generale |
29 Blvd. Haussman,
75009,
Paris-France,
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www.socgen.com
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+33-1-42-14-20-00
Fax: +33-1-42-14-54-51
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An international banking powerhouse
On May 4, 1864, Emperor Napoleon III signed the decree founding Societe Generale, in order to "foster the development of trade and industry in France." Societe Generale began its international expansion in 1871 with a branch in London. By 1913, Societe Generale had established 1,400 branches and distinguished itself as a network bank and remained private until 1945, when the bank's capital stock passed into the hands of the French government. In 1970, Societe Generale began efforts to step up its development outside of France, concentrating on Asia and Eastern Europe; by 1980 the bank had branches in 54 countries. In 1987 SocGen created its Capital Markets subdivision and was privatized on July 29 of that year. In 1995 the bank regrouped its head office services around two sites, one at Val-de-Fontenay and the other at La Defense, near Paris, at the same time that it organized its operations in Retail Banking, International and Finance, and Resources and Services. Today Societe Generale is the largest private French bank. In 1998, the firm, following the lead of many commercial banks, acquired an investment banking arm, by purchasing New York-based Cowen & Company (now called SG Cowen).
Merger controversy
Currently, Societe Generale is in the midst of a bitter battle over control of the French banking system. In March 1999, SocGen and Paribas announced plans for a $17.07 billion merger (which would have created Europe's second-largest bank). The proposed merger received the necessary government backing as it would have built a distinctively French financial powerhouse in Europe. But Banque Nationale de Paris, fearing it was going to be left out in the cold, proposed a takeover of both Societe Generale and Paribas. This merger, which would have created the world's largest bank (with over $1 trillion in assets), was rejected by Paribas and SocGen. Ever since, the three banks have been engaged in a bitter dispute, trying to negotiate a solution. The government, meanwhile, tried to intervene to avoid a bidding war in June 1999, but failed.
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Societe Generale recruits on many campuses of colleges and business schools. The ideal undergraduate candidates have a background in science, math, finance, or engineering. Prior internship experience, particularly with Societe Generale, is an additional advantage. Recruitment is by competitive examination held each year in May. To apply, you should contact the Recruitment Department in March.
Interviews at SocGen are "fairly relaxed", despite the fact that there is some technical questioning, although "not to an Inquisition level."
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Though Societe Generale is a French company, most of the line managers in the U.S. are American. There is no particular "French influence," and dealing with "Head Office" in Paris is "no different" from working with any other organization, as you "cannot always make autonomous decisions." The pay is "not bad," but sometimes does not make up for "long hours." "SocGen," as it is affectionately called, "is willing to move people around within the organization" so that employees are able to "get experience in different areas."
The consensus regarding SocGen's corporate atmosphere is that it is "friendly and relaxed." The management is "by no means bigoted" against minorities. Societe Generale is regarded as "good learning ground" and a position there "can lead to bigger and better things." However, one contact notes "you must dress well if you're gonna work in France, people pay attention to that. It is not very pleasant to work there, there are lots of formalisms." As for the merger, one contact reports that it has created a "strange" atmoshphere where "no one knows what's going to happen."
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Philippe Citerne
Human Resources
Asset Management;Commercial Banking;Capital Markets;Investment Banking;
Specialized Financing;
Credit Lyonnais;Credit Suisse Group;Deutsche Bank;UBS
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