French bank Societe Generale
The shake-up underlines the pressure facing Chief Executive Frederic Oudea, who rose to the top spot after a major rogue trading scandal in 2008 almost brought France's second biggest listed bank to its knees.
The bank's shares have underperformed peers in the year-to-date and it has had to scrap its dividend in order to bolster loss-absorbing capital as investment banks feel the heat from the eurozone debt crisis and looming tougher rules under Basel III.
SocGen said its new CFO will be Bertrand Badre, who formerly held the same post at smaller rival Credit Agricole
Meanwhile, current SocGen CFO Didier Valet has been appointed to head the corporate and investment bank, replacing Michel Peretie, who is leaving the bank.
The moves will take effect on January 3, 2012.
Peretie had been brought in by Oudea from Bear Stearns to overhaul SocGen's investment bank -- known for its cutting edge in equity derivatives -- which has cut down on risk but also lost profitability as a result.
A London-based analyst said: Probably they feel like this is the right time to make some changes to implement further rationalisation, creating a slightly different business in the light of Basel 3 and all the other profitability headwinds the banks are facing.
SocGen also said longtime executive Christophe Mianne, who heads the bank's markets team, would become Deputy CEO of SocGen CIB.
Several Paris-based banking sources said that CEO Oudea was under pressure to make changes after a flare-up in the eurozone debt crisis this summer exposed French banks' reliance on short-term wholesale funding markets that are now all but frozen.
SocGen in particular has been in the markets' sights because of the relative size of its investment banking franchise and because it is viewed as lacking in financial firepower relative to rivals like BNP Paribas
Year-to-date, SocGen shares have slumped 57.2 percent, worse than a 36.7 percent fall for BNP and a 54.5 percent fall for Credit Agricole. The STOXX Europe 600 bank index <.SX7P> is down 33.3 percent in the same period.
(Reporting by Lionel Laurent; Additional reporting by Christian Plumb; Editing by Elaine Hardcastle)