Few investment banks have benefited as much from the explosion in capital markets over the past five years as Société Générale. The French bank’s strengths in equity derivatives and structured credit have helped to fuel rapid growth in its corporate and investment banking business, which generated more than 40 per cent of SocGen’s total net income in the first half of the year.

Yet if Jean-Pierre Mustier is worried by the current crisis in the capital markets, he is putting on a brave face. As the chief executive of SocGen’s corporate and investment banking division, he spent much of August closely monitoring developments in the markets and assessing their impact on his business. His conclusion: the current shake-out could ultimately prove to be a healthy development.