SocGen beats estimates with 14% Q1 profit growth amid management reshuffle

SocGen reported a higher-than-expected quarterly net income, amid a top management reshuffle happening in the middle of discussions with the US authorities over litigation issues.

The reshuffle, that came on Thursday evening with SocGen's board announcing the re-appointment of chief executive Frederic Oudea for a new four-year term, arrived several weeks after the departure of a deputy chief executive in charge of investment banking operations.

SocGen reported a 14 per cent rise in first-quarter net income to 850 million euros, that came above analysts' estimates of 821 million euros, according to a Reuters poll of 5 analysts.

"The results ... are generally in line with our strategic ambitions," chief executive Frederic Oudea said in a statement.