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	Légion d'honneur (Knight)

Frédéric Oudéa (born 3 July 1963) is a French banking executive who served as chief executive officer and chairman of Société Générale, one of France's largest financial institutions, from 2008 to 2023. A product of France's elite grandes écoles system, Oudéa navigated the bank through some of the most turbulent periods in modern financial history, including the revelation of the Jérôme Kerviel trading scandal, the global financial crisis, and the European debt crisis. His tenure at the helm of Société Générale spanned fifteen years, making him one of the longest-serving chief executives among major European banks during that era. Beyond his role at Société Générale, Oudéa served as president of the European Banking Federation and took on board positions at other major corporations. Following his departure from Société Générale in May 2023, he was appointed non-executive chairman of Sanofi, the French pharmaceutical giant. In September 2025, he was named chairman of Revolut's newly created Western Europe subsidiary, marking a notable move from traditional banking into the fintech sector.

Early Life

Frédéric Oudéa was born on 3 July 1963 in Paris, France. He grew up in the French capital and was educated at some of the country's most prestigious academic institutions. As a young man, he attended the Lycée Louis-le-Grand, one of France's foremost secondary schools, known for its rigorous academic programme and its role as a preparatory institution for the grandes écoles entrance examinations.

After completing his secondary education, Oudéa followed a path common among France's future business and political leaders. He reportedly backpacked around the world with Stéphane Richard, who would later become the CEO of France Télécom (later Orange), reflecting the close-knit networks formed among graduates of France's elite educational institutions. This early connection illustrated the tight social fabric among France's business elite, many of whom passed through the same schools and formed professional and personal relationships that would endure throughout their careers.

Oudéa's upbringing in Paris and his education at the Lycée Louis-le-Grand placed him firmly within the milieu from which France traditionally draws its senior civil servants, corporate leaders, and political figures. The trajectory from the Lycée Louis-le-Grand to the grandes écoles and then into positions of institutional power was well-established, and Oudéa followed it with distinction.

Education

Oudéa pursued higher education at two of France's most selective institutions. He first attended the École polytechnique, the country's premier engineering school, which has historically produced leaders in both the public and private sectors. He subsequently entered the École nationale d'administration (ENA), the postgraduate institution that has trained many of France's presidents, prime ministers, and top corporate executives. Graduation from the ENA, in particular, placed Oudéa within a network known colloquially as the énarques—a group that has exerted significant influence over French public policy and corporate governance for decades. This dual education, combining the technical rigour of the École polytechnique with the administrative and policy training of the ENA, provided Oudéa with a distinctive skill set that bridged engineering, public service, and finance.

Career

Early Career and Entry into Société Générale

Following his graduation from the ENA, Oudéa began his professional career in the French civil service, a common first step for graduates of France's elite administrative school. He subsequently transitioned into the private sector, joining Société Générale, one of France's three largest banking groups alongside BNP Paribas and Crédit Agricole.

At Société Générale, Oudéa rose through the ranks over several years, occupying a series of increasingly senior positions within the bank's organisational structure. He gained experience across multiple divisions of the bank, building expertise in both retail and investment banking operations. His ascent within the institution reflected both his technical competence and his ability to navigate the complex internal politics of a major French corporation.

Prior to his appointment as CEO, Oudéa served as the bank's chief financial officer, a role that placed him at the centre of Société Générale's financial management and strategic planning. This position gave him a comprehensive understanding of the bank's balance sheet, risk exposures, and capital structure—knowledge that would prove critical when he assumed the top leadership role during one of the most challenging periods in the bank's history.

Appointment as CEO

In April 2008, Oudéa was named chief executive officer of Société Générale, taking the reins of the bank at a moment of acute crisis. His appointment came in the aftermath of the discovery that trader Jérôme Kerviel had accumulated unauthorised trading positions that resulted in losses of approximately €4.9 billion—one of the largest trading losses in banking history at that time. The scandal had rocked the bank and led to the departure of the previous management team, creating a leadership vacuum that Oudéa was called upon to fill.

Oudéa's elevation to CEO was significant because, at the age of 44, he was relatively young for a chief executive of a major European bank. His background as CFO gave investors and regulators some assurance that the new leader understood the financial complexities facing the institution, even as the broader global financial system was heading into the most severe downturn since the Great Depression.

Navigating the Financial Crisis

Oudéa's early tenure as CEO coincided with the full onset of the global financial crisis. As banks around the world faced liquidity shortages, collapsing asset values, and mounting losses on structured credit products, Société Générale was forced to navigate these challenges while simultaneously dealing with the reputational damage from the Kerviel affair.

Under Oudéa's leadership, the bank undertook measures to strengthen its capital base and reduce its exposure to the most volatile asset classes. The period required significant strategic adjustments, as the regulatory environment for European banks underwent rapid and far-reaching changes. The introduction of new capital requirements under the Basel III framework and increased scrutiny from European regulators fundamentally altered the operating environment for banks like Société Générale.

The European debt crisis that followed in 2010–2012 presented further challenges. French banks, with their significant exposure to southern European sovereign debt, faced particular market pressure. Société Générale's stock price came under severe strain during the summer of 2011 amid speculation about European banks' exposure to Greek, Italian, and Spanish government bonds. Oudéa was required to publicly reassure markets about the bank's financial position during this volatile period.

Strategic Transformation

Over the course of his tenure, Oudéa implemented a series of strategic transformations at Société Générale. The bank undertook restructuring efforts aimed at simplifying its operations, reducing costs, and refocusing on core business lines where it held competitive advantages.

In a 2023 interview with McKinsey & Company, conducted as he was preparing to hand off leadership to his successor, Oudéa reflected on the role of organisational culture in driving transformation. He emphasised the importance of building a "culture of conviction" within the organisation, describing how cultural change was central to the strategic and operational shifts the bank undertook during his time as CEO. Oudéa discussed the challenges of leading a large, complex financial institution through multiple crises and regulatory changes, and spoke about the importance of clear decision-making frameworks and leadership conviction in navigating periods of uncertainty.

The bank's transformation under Oudéa involved a progressive de-risking of its investment banking operations, a strengthening of its retail banking franchises in France and other markets, and investments in digital banking capabilities. These changes reflected broader trends across the European banking sector, as institutions sought to adapt to a prolonged low-interest-rate environment and increasing competition from new entrants, including fintech companies.

Mandate Renewals and Board Term

Oudéa's leadership was affirmed through multiple mandate renewals by Société Générale's shareholders. France's Caisse des Dépôts, a significant institutional investor, publicly signalled its support for renewing Oudéa's mandate, reflecting confidence in his stewardship of the bank.

In May 2019, Société Générale shareholders voted to renew Oudéa's board term for an additional four years, extending his mandate through 2023. The renewal vote reflected the board's and shareholders' assessment that his continued leadership provided stability and strategic direction for the institution.

European Banking Federation Presidency

Beyond his role at Société Générale, Oudéa served as president of the European Banking Federation (EBF), the Brussels-based trade association representing the interests of European banks. The EBF serves as a key interlocutor between the European banking industry and European Union institutions, including the European Commission, the European Central Bank, and the European Banking Authority.

In this capacity, Oudéa represented the collective interests of the European banking sector during a period of significant regulatory reform, including the implementation of new capital requirements, the establishment of the European Banking Union, and debates over the future of financial regulation in the European Union.

Departure from Société Générale

Oudéa departed from the role of CEO and chairman of Société Générale in May 2023, bringing to a close a fifteen-year tenure at the top of one of Europe's major banking groups. His departure came at the conclusion of his final renewed mandate. In his concluding reflections, as documented in the McKinsey interview, he spoke about the lessons learned from leading through crisis and transformation, and the importance of a strong organisational culture to sustaining change over time.

Post-Société Générale: Sanofi and Capgemini

Following his departure from Société Générale, Oudéa transitioned into non-executive roles. In September 2022, it was announced that he would become the non-executive chairman of Sanofi, the French multinational pharmaceutical company. The appointment took effect following his departure from Société Générale.

Oudéa also served as a member of the board of directors of Capgemini, the French information technology services and consulting company, as part of the company's corporate governance structure.

Revolut Western Europe Chairmanship

In September 2025, Revolut, the British fintech company, announced the appointment of Oudéa as chairman of its newly created Western Europe subsidiary, to be based in Paris. The appointment came as Revolut was in the process of obtaining a French banking licence and expanding its operations across Western Europe. The company reportedly had plans to invest approximately €1 billion in its European expansion.

The appointment was noted by industry observers as a significant signal of Revolut's ambitions in continental European markets. Oudéa's deep connections in French banking and regulatory circles, along with his experience leading one of Europe's largest banking groups, were seen as assets for Revolut as it sought to establish itself as a licensed bank in France and broaden its presence across the region. Reports indicated that Revolut had recruited a number of former Société Générale personnel as part of its European team-building efforts, suggesting that Oudéa's appointment was part of a broader strategy to draw on traditional banking expertise.

The Digital Banker reported that Oudéa's role would involve chairing the Western Europe hub from Paris, providing strategic oversight as the company navigated the regulatory and competitive landscape of French and wider European banking.

The move represented a notable transition for Oudéa—from leading one of Europe's oldest and largest traditional banks to chairing a subsidiary of one of the world's most prominent fintech companies—and illustrated the growing convergence between established banking and the digital finance sector.

Personal Life

Oudéa has five children. He has maintained a relatively private personal life, consistent with the norms of senior French corporate executives. His early friendship and backpacking travels with Stéphane Richard, who went on to lead France Télécom (later Orange), have been cited as an example of the social networks formed among graduates of France's elite educational institutions.

Oudéa is based in Paris, where he has spent the majority of his professional career. His personal interests and activities outside of his professional roles have not been widely documented in public sources.

Recognition

Oudéa's tenure at Société Générale was the subject of extensive media coverage, given the scale of the institution and the significance of the events that occurred during his leadership. Profiles of his career were published in outlets including The Independent, The Financial Times, and Business Insider, among others.

His election as president of the European Banking Federation was recognised as reflecting the influence of Société Générale and the French banking sector within European financial policy circles.

The European CEO magazine profiled Oudéa in 2011, documenting his leadership of Société Générale during the aftermath of the financial crisis and the early stages of the European sovereign debt crisis.

His appointment to the chairmanship of Sanofi in 2022 was covered by Reuters and other major news agencies, marking his transition from banking to a prominent governance role in the pharmaceutical sector. His subsequent appointment at Revolut in 2025 attracted coverage from Bloomberg, Reuters, Banking Dive, The Digital Banker, finews.com, and multiple fintech-focused publications, reflecting the significance of his move into the digital banking sphere.

Legacy

Frédéric Oudéa's legacy is closely tied to his fifteen-year stewardship of Société Générale, during which he led the bank through a succession of crises and a fundamental transformation of its business model. Taking the helm at a moment when the institution's reputation had been severely damaged by the Kerviel trading scandal, Oudéa was tasked with restoring confidence among investors, regulators, and clients while simultaneously navigating the worst global financial crisis in decades.

His approach to leadership, as he articulated in his 2023 McKinsey interview, centred on the importance of organisational culture and conviction in decision-making. He described the necessity of building a culture that could sustain transformation over long periods, particularly in an industry subject to intense regulatory scrutiny and rapid technological change.

Oudéa's career trajectory—from the French civil service through the ranks of one of Europe's largest banks, to the presidency of the European Banking Federation, to the chairmanship of a major pharmaceutical company and a prominent fintech—reflects the breadth of influence that graduates of France's grandes écoles system continue to exercise across multiple sectors of the economy.

His 2025 appointment at Revolut was interpreted by industry commentators as emblematic of a broader trend: the migration of experienced traditional banking leaders into the fintech sector as digital financial services companies mature and seek the regulatory credibility and institutional expertise that such figures bring.