Several Societe Generale Corporate & Investment Bank (SG CIB) staff will transfer to Accenture following a deal to outsource its post-trade processing.
Outsourcing specialist Accenture and technology firm Broadridge have announced a deal to launch a joint post-trade solution and confirmed SG CIB as their first customer.
The deal will see some SG CIB staff with skills relevant to post-trade processing join Accenture after the investment bank agreed to use the Accenture Post-Trade Processing Solution to optimise its back-office securities processing.
The service was designed by Accenture and Broadridge to help banks reduce their trade processing costs, adapt to new regulation and quickly and effectively launch new products and enter new markets. It offers post-trade processing and technology for settlement, book keeping and records, asset servicing, real-time data and more.
The solution aims to reduce cost-per-trade by leveraging collective trade volumes. It will also reduce the resources required to comply with regulatory regimes, including T2S and European market infrastructure regulation.
Societe Generale said the deal would make its post-trade processing more efficient and enable it to focus on delivering services to its clients.
Christophe Leblanc, COO at SG CIB, added: "SG CIB and Accenture share the same vision of what could be the future model for securities processing among investment banks investment banks: industrialising some services by mutualising processing activities and costs across multiple institutions.
Accenture's solution will be able to process and settle securities transactions in more than 50 financial markets across the world through a common, standardised operating platform.
Bob Gach, global managing director of Accenture's capital markets practice, said: "The global investment banking industry is at a crossroads, with regulatory, market and technological pressures changing the economics of the business and leading banks to fundamentally reassess their operating models".