Onto five trading floors each longer than a football field.
In a new building on the edge of Paris, Societe Generale moved 3,000 employees this year onto five trading floors each longer than a football field.
Bloomberg News reports that the glass-faced edifice, roughly the size of the city’s Centre Pompidou, signals an increasing reliance on corporate and investment banking, even as many of the firm’s biggest European competitors scale back their securities businesses.
Frederic Oudea, chief executive officer since 2008, is counting on the division to propel profit as economic growth falters in France and Russia, its largest consumer-banking markets. The corporate finance and capital-markets businesses accounted for almost half of profit from operating units in the first nine months of the year, a level not seen since 2006, based on company reports.
'Their investment bank is in good health compared with some others, and this may last for some time', said Karim Bertoni, who helps manage $3.3bn at de Pury Pictet Turrettini & Cie. in Geneva. 'In some other activities things are getting worse, leaving them with fewer options'.
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