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SocGen third-quarter profit slumps 34% as investment banking weakens

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Societe Generale has reported a net income of 854 million euros ($945 million) for the third quarter of 2019, falling short of analyst expectations.

for the third quarter of 2019, falling short of analyst expectations.million euros for the third quarter, according to Refinitiv.

Societe Generale announced earlier this year plans to cut 1,600 jobs, mainly at its corporate and investment banking arm. Societe Generale announced in 2017 that it would be looking to grow its capital position, towards a CET Tier 1 ratio target of 12% by 2020. Wednesday's results marked the second consecutive quarter where CET Tier 1 ratio was at 12%.

In this context, fixed income was overall stable from a year ago, but the equities business fell 20% from a year ago. Odea told CNBC that the French lender has not yet ripped all the benefits from closing certain business, which is only expected to improve the balance sheet at the end of 2019 and through 2020.

 

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