Péretié at SG: a surprise to many but Mustier’s choice

French banking’s worst kept secret is out: Jean Pierre Mustier, CEO of Société Générale’s corporate and investment banking division is to step down later this year. But what is a surprise is his successor: Michel Péretié, one-time head of fixed income at BNP Paribas and more recently chairman of Bear Stearns International. He will have the difficult task of taking on an institution and culture handcrafted by Mustier. However, being invited to take over by Mustier himself will surely make Péretié’s mission to gain acceptance and ultimately succeed that much easier.