SocGen is shrinking its markets business, Deutsche bank to retain 'rigorous discipline'

Deutsche Bank - Foyer Bridge

Societe Generale is shrinking its markets business and cutting an additional 500 million euros ($567 million) of costs to combat the market rout that send trading revenue tumbling.

Bloomberg News reports that SocGen is following rivals in deepening trading cuts after a grim quarter for European investment banks because of whipsawing markets.

SocGen is considering closing its proprietary-trading unit, people familiar with the matter said last month, following a similar move by BNP Paribas.

In the meantime Bloomberg also reports that Deutsche Bank CEO Christian Sewing said the bank will seek to increase revenue without sacrificing discipline as he attempts to reboot the troubled bank.

“We have our costs under control and built a solid foundation with a strong capital base and a very low risk profile,” Sewing said, according to prepared remarks that he was due to deliver in Brussels on Wednesday night. “2019 is about retaining our rigorous discipline while boosting revenues: our goal is controlled growth.”

SocGen To Shrink Trading Unit, Cut Costs After Market Rout

Deutsche Bank CEO Sewing Promises Discipline in Growth Quest

 

 

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