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Societe Generale (SOGN.PA)

SOGN.PA on Paris Stock Exchange

24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Societe Generale headquarters searched in Panama probe - Reuters News
Sunday, 10 Apr 2016 02:21am EDT 

Societe Generale:French tax police searched Societe Generale's headquarters this week as part of an investigation into offshore accounts revealed by the Panama Papers, the bank said on Sunday. - RTRS.The searches on April 5 were a "normal development in the context of such an investigation", a spokesman for the bank said, declining to comment further.According to the Journal du Dimanche newspaper, the searches were ordered to try to identify holders of offshore companies set up by the bank via Panamanian law firm Mossack Fonseca.A leak of millions of files from the firm has cast a global spotlight on the creation of more than 200,000 companies in offshore tax havens, implicating scores of politicians and business figures.Societe Generale was identified by Le Monde earlier this week as the fourth most prolific creators of offshore shell companies via Mossack Fonseca, with 979 to its name.Following Le Monde's initial report, part of an international investigation by more than 100 news organisations.Societe Generale accused the daily of using "inconsistent information which gives rise to outrageous misconceptions".  Full Article

Societe Generale - EU cuts SocGen antitrust fine by about half to 227.7 mln euros - Reuters News
Wednesday, 6 Apr 2016 05:04am EDT 

Societe Generale:European Union antitrust regulators have cut Societe Generale's rate rigging fine by 49 percent to 227.72 million euros ($259.24 million) after the French lender recalculated the value of its sales. - RTRS.France's second-largest bank was hit with a fine of 446 million euros in December 2013, one of seven banks charged with rigging the euro interbank offered rate (Euribor) as a cartel."The amended fine is based on the amended value of sales data provided by Societe Generale in February 2016 after the bank realised that it had initially provided incorrect data to the Commission," the European Commission said in a statement.SocGen announced the reduced fine last month but did not provide a figure.  Full Article

Societe Generale to cut 125 investment banking jobs - Reuters News
Sunday, 3 Apr 2016 08:43pm EDT 

Societe Generale:Societe Generale says it plans to cut 125 jobs at the GBIS investment banking division - RTRS.Plans to cut 90 French trading room jobs and 35 posts at Lyxor asset management unit will be put to unions on Monday, bank says.  Full Article

Societe Generale signs share purchase agreement to acquire 100% of Kleinwort Benson
Monday, 14 Mar 2016 08:00pm EDT 

BHF Kleinwort Benson Group SA:Societe Generale signs a share purchase agreement to acquire 100 pct of Kleinwort Benson from the Oddo Group.Societe generale signed a share purchase agreement to acquire 100 pct of Kleinwort Benson and Kleinwort Benson Channel Islands Holdings Limited.Subject to regulatory approvals, Kleinwort Benson will be acquired and eventually combined with Societe Generale Private Banking Hambros.  Full Article

Societe Generale says to cut 550 jobs over five years
Wednesday, 9 Mar 2016 12:41pm EST 

Societe Generale:French bank Societe Generalesaid it would shed 550 jobs over five years as part of consolidation of its 20 French client treatment centres into 15 sites.The bank said that the plan, part of a push to cut costs at its retail network while investing in digital banking, would not rely on mandatory redundancies.  Full Article

Societe Generale - UBS, others reach $103 million muni bond rigging settlements - Reuters
Wednesday, 24 Feb 2016 10:38pm EST 

Societe Generale:UBS AG and five other banks and brokerages agreed to pay roughly $103 million to settle claims that they conspired to rig prices for U.S. municipal securities.Wednesday's accords include payments of $100.5 million to investors. Two of the defendants, France's Natixis SA and Societe Generale, also agreed to pay $2.8 million to resolve related claims by 21 U.S. states and Washington, D.C.If approved by a federal judge, the private settlements would end nearly eight years of class action litigation, and result in more than $226 million of payouts from 11 defendants, led by $44.6 million from JPMorgan Chase & Co.Several banks have during that time also agreed to pay more than $740 million, led by JPMorgan's $228 million, to resolve related probes by the U.S. Department of Justice and state regulators. At least 17 people were convicted or pleaded guilty, the Justice Department has said.Wednesday's private settlements included $32 mln with UBS, $28.45 mln with Natixis, $25.41 mln with Societe Generale, $9.75 mln with Piper Jaffray Cos, $3.5 mln with Royal Bank of Scotland Group Plc's National Westminster Bank, and $1.4 mln with George K. Baum & Co, court papers show.Other defendants that have settled with investors and regulators are Wells Fargo & Co WFC.N, Bank of America Corp BAC.N and General Electric Co GE.N, UBS has also settled with regulators, and Morgan Stanley MS.N with investors.  Full Article

Societe Generale proposes dividend of 2.0 euro per share
Thursday, 11 Feb 2016 12:53am EST 

Societe Generale:Socgen says proposed dividend of 2.0 euro per share vs 1.2 euro in 2014, paid in cash.  Full Article

Societe Generale to shut India equities research desk - Reuters
Wednesday, 30 Dec 2015 05:57pm EST 

Societe Generale:Societe Generale SOGN.PA, France's second-biggest bank by market value, will shut its equities research desk in India as part of the bank's internal reorganisation, a spokeswoman said on Thursday. - RTRS.The Mumbai-based India equities research desk employed four people, she said, and they were all offered the option to relocate to Bangalore to join the bank's offshore equities research operations - RTRS.The French bank, whose other operations in India include corporate and investment banking and trade finance, employs 120 people in its India banking operations and about 6,000 in its back-office centres in southern Bangalore and Chennai. - RTRS.  Full Article

Societe Generale - Globe/wire say SEC settles with Morgan Stanley - CNSWCH
Wednesday, 23 Dec 2015 04:33pm EST 

Societe Generale:The Globe and Mail reports in its Wednesday edition that Morgan Stanley will pay $8.8-million (U.S.) to settle charges that one of its portfolio managers conducted prearranged trades that favoured some clients' accounts over others. - CNSWCH.A Reuters dispatch to The Globe quotes the Securities and Exchange Commission as saying Tuesday that portfolio manager, Sheila Huang, agreed to be barred from the industry and pay a $125,000 (U.S.) penalty - CNSWCH.Societe Generale broker who assisted Ms. Huang in the schemes also agreed to be barred. - CNSWCH.Neither Morgan Stanley nor Ms. Huang admitted or denied the SEC's findings. Ms. Huang can seek permission to work in the industry again in 2020. - CNSWCH.Prearranged trading, or "parking," is a fraudulent practice that can give advantages to some investors over others, including better pricing and the elimination of risk. - CNSWCH.In one scheme, Ms. Huang - while managing accounts that needed to liquidate certain positions - arranged sales of mortgage-backed securities at predetermined prices to the trader at the Societe Generale brokerage unit, SG Americas. - CNSWCH.The arrangement would enable her to buy back the positions at a small markup into other accounts that Morgan Stanley advised, the SEC said. - CNSWCH.  Full Article

Societe Generale - Serious Fraud Office adds Stephane Esper to group accused of Euribor-rigging - Reuters
Monday, 21 Dec 2015 05:36am EST 

Societe Generale:Britain's Serious Fraud office said on Monday it had added Societe Generale employee Stephane Esper to a group of individuals accused of rigging the Euribor money market rate. - RTRS.Esper has been notified of the criminal proceedings, an SFO spokeswoman said. - RTRS.The 11 accused, which also includes former or current employees of Barclays BARC.L and Deutsche DBKGn.DE, will appear at Westminster Magistrates' court on Jan 11, the SFO said in a statement. - RTRS.All 11 will be charged with conspiracy to defraud, the SFO said. - RTRS.  Full Article

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SocGen seeks to make top management structure leaner

PARIS France's Societe Generale is seeking to make its top management structure leaner to better answer its clients' needs, a spokeswoman for the bank said on Friday.