Bloomberg News reports that Societe Generale is planning to substantially cut costs at its corporate investment-banking unit, a person familiar with the matter said, after the bank warned that “challenging” conditions in the fourth quarter dented revenue from market units.
Reductions are an urgent priority for CEO Frederic Oudea and may be presented as soon as early February, said the person, who requested anonymity because the details are private. A spokesman for Societe Generale declined to comment.
The bank warned on Thursday that trading revenue probably declined about 20% in the fourth quarter, undermining Oudea’s efforts to deliver on growth targets. SocGen said that market conditions were behind the drop, and that trading revenue last year was probably about 10% lower compared with 2017.
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