SocGen Profits - Comme Ci, Comme Ca!

Dow Jones Newswires reports that third quarter profits at French bank Societe Generale fell 63% to £91.9m from £251.7m 12 months ago.

Although the results were below some analyst expectations, there were certain pessimistic forecasts that the bank would be lucky to make £10m this time out.

The bank's corporate and investment banking division put in a £19.1m loss in the quarter, although corporate banking and fixed income put in a more robust performance. Retail banking in France came to the bank's rescue once again this quarter.

The bank has slashed running costs by around 22% in the period as hundreds of staff have been laid off. Redundancies will continue in the fourth quarter in the investment banking division. Another 250 job cuts are planned in London, Madrid and Milan.

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