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

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.

Europe’s banks are in trouble.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. banks keep business loan standards steady in third-quarterLoan officers at U.S. banks reported keeping lending standards for business loan... Can’t erase the energy of chain block currency! Good thing everything will be traced with accountability from now on... forever is a long time in a undefined reality.
Source: Reuters - 🏆 2. / 97 Read more »