Frédéric Oudéa

Frédéric Oudéa
Oudéa in 2021
Frédéric Oudéa
Born	3 7, 1963
Birthplace	Paris, France
Nationality	French
Occupation	Banking executive
Known for	Former CEO of Société Générale, President of the European Banking Federation
Education	École nationale d'administration
Children	5
Awards	Chevalier de la Légion d'honneur

Frédéric Oudéa (born 3 July 1963) is a French banking executive who served as chief executive officer of Société Générale, one of France's largest banking groups, from 2008 to 2023. A product of France's elite grandes écoles system — educated at both the École polytechnique and the École nationale d'administration — Oudéa rose through a career that spanned public service in the French government and a long tenure at Société Générale, where he navigated the institution through the global financial crisis, the fallout from the Jérôme Kerviel trading scandal, and the European sovereign debt crisis. Beyond his leadership of Société Générale, Oudéa was elected president of the European Banking Federation in 2020, a position through which he represented the interests of European banks in policy discussions. Following his departure from Société Générale, Oudéa transitioned into prominent non-executive roles, including non-executive chairman of Sanofi and, in 2025, chairman of Revolut's newly created Western Europe subsidiary based in Paris.

Early Life

Frédéric Oudéa was born on 3 July 1963 in Paris, France. He grew up in France and was educated through the country's competitive academic system, ultimately gaining admission to some of its most selective institutions. As a young man, Oudéa attended the Lycée Louis-le-Grand, one of France's foremost preparatory schools located in the Latin Quarter of Paris, known for grooming students for entrance into the grandes écoles.

During his formative years, Oudéa developed interests that extended beyond the purely academic. According to a profile published by Business Insider, Oudéa undertook a backpacking trip around the world alongside Stéphane Richard, who would later become CEO of Orange S.A. (then France Télécom). The journey reflected a spirit of exploration that predated both men's ascent to the summit of French corporate life.

Oudéa's early trajectory was characteristic of the French elite that passes through the grandes écoles pipeline, in which academic excellence in mathematics and science at institutions such as École polytechnique opens doors to senior positions in both public administration and the private sector. This background would prove foundational to the rest of his career, first in government and then in banking.

Education

Oudéa pursued his higher education at two of France's most prestigious institutions. He first attended the École polytechnique, the elite engineering school whose graduates — known as polytechniciens — hold prominent positions across French industry, government, and finance. Following his studies at Polytechnique, Oudéa enrolled at the École nationale d'administration (ENA), the graduate school that has traditionally trained France's senior civil servants and political leaders. Graduation from ENA provided Oudéa with entry into the upper echelons of the French civil service, a common first step for members of the country's business and political elite.

Career

Early Career in Government

After graduating from the École nationale d'administration, Oudéa began his professional career in the French public sector, a path common among ENA graduates. He served in the French Ministry of Economy and Finance, gaining experience in government fiscal and economic policy. This period provided him with a comprehensive understanding of the regulatory and macroeconomic environment in which French banks and corporations operated.

Rise at Société Générale

Oudéa joined Société Générale in 1995, transitioning from public service into the banking industry. He progressed through various roles within the group, steadily ascending through its organizational hierarchy. His career at the bank encompassed positions in both the corporate and investment banking divisions and in the group's central management functions.

By the mid-2000s, Oudéa had risen to the position of chief financial officer (CFO) of Société Générale, a role that placed him at the heart of the bank's financial strategy and risk management. His tenure as CFO coincided with a period of significant turbulence in global financial markets, and it was in this capacity that he first came to public prominence.

Appointment as CEO and the Kerviel Affair

In early 2008, Société Générale was rocked by one of the largest trading scandals in banking history when it was revealed that a single trader, Jérôme Kerviel, had accumulated unauthorized positions that resulted in losses of approximately €4.9 billion. The scandal led to significant upheaval within the bank's senior leadership. In April 2008, Oudéa was appointed chief executive officer, succeeding Daniel Bouton, who stepped back from the CEO role while initially remaining as chairman before ultimately departing in 2009.

Oudéa thus assumed the top executive position at one of France's largest banks at a moment of acute crisis — both internally, due to the Kerviel affair, and externally, with the global financial system entering its most severe downturn since the Great Depression. The dual challenge of restoring confidence in Société Générale's risk controls while navigating the broader financial crisis defined the early years of his tenure as CEO.

In a 2023 interview with McKinsey & Company, Oudéa reflected on the role that organizational culture played in his approach to leadership during these turbulent times. He emphasized the importance of conviction and clear decision-making, noting that leading through crisis required building a culture in which employees at all levels felt both empowered and accountable.

Navigating the Financial Crisis and Eurozone Debt Crisis

As CEO during the 2008–2009 financial crisis, Oudéa oversaw Société Générale's participation in French government support programs and worked to stabilize the bank's balance sheet. The bank, like many of its European peers, faced pressure from deteriorating asset values, tightening credit markets, and heightened regulatory scrutiny. Oudéa undertook restructuring measures and risk reduction strategies aimed at strengthening the bank's capital position.

The challenges continued into the early 2010s as the European sovereign debt crisis created new waves of instability for European banks heavily exposed to government debt in southern European countries. Société Générale, with significant operations across Europe, was among the institutions most affected by market fears about sovereign risk contagion. During this period, Oudéa worked to reduce the bank's exposure to volatile sovereign debt and to diversify its revenue streams.

A profile in The Independent noted the exceptional difficulty of Oudéa's position, characterizing his leadership as a sustained effort to rebuild trust with investors, regulators, and employees simultaneously.

Renewal and Strategic Transformation

Oudéa's mandate as CEO was renewed on multiple occasions, reflecting the confidence of Société Générale's board of directors in his leadership. In 2012, the board renewed his term, and in May 2019, shareholders voted to renew his four-year board term, effectively extending his tenure as CEO into the early 2020s.

During the latter years of his tenure, Oudéa pursued a strategic transformation of Société Générale. This included a continued focus on digital banking, cost reduction, and the reshaping of the group's business mix. He sought to position the bank for a future in which fintech competition, low interest rates in Europe, and evolving regulatory requirements were reshaping the financial services industry.

In his McKinsey interview upon departing the role, Oudéa described the transformation journey as one requiring persistence and cultural change across the organization. He noted that one of the central lessons of his tenure was the importance of aligning organizational culture with strategic objectives, arguing that "culture is the real engine of transformation."

Oudéa served as CEO of Société Générale until May 2023, when he handed over leadership to his successor, Slawomir Krupa. His fifteen-year tenure as CEO made him one of the longest-serving leaders of a major European bank during one of the most eventful periods in modern banking history.

European Banking Federation Presidency

In 2020, Oudéa was elected president of the European Banking Federation (EBF), the body representing the European banking sector at the European level. In this capacity, he served as a spokesperson for the industry on matters of regulation, capital markets policy, and the role of banks in financing the European economy.

The EBF presidency gave Oudéa a platform to advocate for the interests of European banks during a period of significant policy change, including the finalization of the Basel III international banking reforms and discussions around the European Union's sustainable finance agenda.

Post-Société Générale Career

Sanofi

In September 2022, it was announced that Oudéa would become non-executive chairman of Sanofi, the French multinational pharmaceutical company. The appointment, reported by Reuters, represented a move into the healthcare sector for Oudéa and underscored his standing within the French corporate establishment.

Capgemini

Oudéa also took on a role as a member of the board of directors of Capgemini, the French information technology services and consulting company. His presence on the Capgemini board reflected his broader interest in technology and digital transformation, themes that had been central to his strategic agenda at Société Générale.

Revolut

In September 2025, British fintech company Revolut announced the appointment of Oudéa as chairman of its newly created Western Europe subsidiary, based in Paris. The appointment was connected to Revolut's efforts to obtain a French banking license and to expand its operations across Western Europe, with a reported investment of approximately €1 billion in the region.

The move was seen as significant within the financial services industry, as it represented one of the most prominent appointments of a traditional banking leader by a major fintech firm. Multiple outlets noted that Revolut had already recruited several former Société Générale personnel, and that Oudéa's appointment was part of a broader strategy to bolster the company's credibility with European regulators and institutional partners.

Finews reported that Oudéa's role would involve overseeing the strategic direction of Revolut's Western European operations and supporting the fintech company's efforts to compete with established banks in key markets including France, Germany, and other continental European countries.

Personal Life

Oudéa has five children. He maintains a relatively private personal life, and details about his family have not been extensively reported in the public domain.

During his younger years, Oudéa traveled extensively, including a backpacking trip around the world with Stéphane Richard, who would go on to serve as CEO of Orange S.A.. This early experience abroad has been cited in profiles as reflective of a cosmopolitan outlook that informed his later career at an internationally oriented banking group.

Oudéa is based in France and has maintained his professional activities in Paris, where both Société Générale and Revolut's Western European hub are headquartered.

Recognition

Throughout his career, Oudéa received recognition both within the banking industry and in broader French society. His election as president of the European Banking Federation in 2020 represented a significant mark of esteem from his peers in the European banking sector.

Oudéa holds the rank of Chevalier de la Légion d'honneur, France's highest order of merit, reflecting his contributions to French economic and business life.

Profiles of Oudéa have appeared in major international publications including the Financial Times, The Independent, European CEO magazine, and Bloomberg. His appointment as Revolut's Western Europe chairman in 2025 generated extensive coverage across financial media, with outlets including Bloomberg, Reuters, Banking Dive, The Digital Banker, finews.com, and FintechNews CH reporting on the development.

The Financial Times also profiled Oudéa during his tenure at Société Générale, examining his leadership of the bank during a period of considerable difficulty for European financial institutions.

Legacy

Frédéric Oudéa's fifteen-year tenure as CEO of Société Générale — from 2008 to 2023 — places him among the longest-serving leaders of a major European bank during a period of extraordinary transformation in global finance. He assumed the role during the convergence of the Kerviel trading scandal and the global financial crisis, and departed in 2023 having overseen the bank's navigation through the European sovereign debt crisis, years of ultra-low interest rates, increased regulatory demands following the implementation of Basel III standards, and the COVID-19 pandemic.

In his farewell reflections published by McKinsey, Oudéa emphasized that his most significant work had involved cultural transformation within the bank, arguing that financial restructuring alone was insufficient without corresponding changes in how employees understood their roles and responsibilities. He framed his approach as one of building "a culture of conviction" — a willingness to make difficult strategic decisions and to stand by them even under external pressure.

Oudéa's post-Société Générale career — spanning board positions at Sanofi and Capgemini, and the chairmanship of Revolut's Western Europe operations — reflects the breadth of his interests and his continued engagement with the intersection of finance, technology, and corporate governance. His appointment at Revolut, in particular, has been interpreted by industry observers as emblematic of the growing convergence between traditional banking expertise and the fintech sector.

Within the French business establishment, Oudéa's career trajectory — from the grandes écoles through government service to the leadership of one of France's largest banks — represents a characteristic path of the French corporate elite, while his subsequent engagement with digital financial services suggests an evolution beyond the traditional mold.