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SocGen CEO warns of gloomy year ahead

Thursday, Nov 08, 2012 - 01:01

Nov. 8 - Societe Generale reported a rebound in trading revenue and said a reshaping of its investment bank was complete, helping investors see past a plunge in quarterly profit due to the cost of shedding unwanted assets. Speaking to Reuters, SocGen Chief Executive Frederic Oudea warned the outlook for 2013 was murky. Rough Cut (no reporter narration).

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++ROUGH-CUT - NO REPORTER NARRATION++ France's No. 2 listed bank, like many European rivals, has been slashing costs and selling businesses to meet tougher regulations designed to avoid a repeat of the 2008 financial crisis. The task has been complicated by slowing economic growth as governments drive through austerity measures to cut deficits. Helped by a central bank-fuelled recovery in financial markets, SocGen on Thursday posted a threefold jump in quarterly fixed-income revenues and said it had completed its drive to slim down its investment bank and strengthen its balance sheet. While this was not enough to offset losses booked on the sale of Greek unit Geniki and fund-management unit TCW - which took net income down by 86 percent - SocGen shares climbed as investors praised the bank's efforts to overcome a tougher economy and regulations. SocGen shares rose over 2 percent in early trade, and at 1010 GMT were 0.4 percent higher in a steady European market.

SocGen CEO warns of gloomy year ahead

Thursday, Nov 08, 2012 - 01:01

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