SocGen Q1 profit halved, eyes new cost savings
PARIS May 7 (Reuters) - Societe Generale, France's No. 2 listed bank, reported a 50 percent slump in quarterly profit on Tuesday on the back of a weakening domestic economy and one-off charges, and said it had begun a cost-cutting drive.
SocGen posted first-quarter net income of 364 million euros ($475 million), compared with 732 million for the same period a year ago.
This was below the 674.6 million euro average of analyst estimates compiled by Thomson Reuters I/B/E/S.
SocGen also announced a new plan to cut 900 million euros in costs through 2015, having already cut some 550 million in 2012. The savings will help the bank achieve a new return-on-equity target of 10 percent by end-2015, it said. ($1 = 0.7659 euros) (Reporting by Lionel Laurent and Matthias Blamont; Editing by James Regan)