SocGen rebounds from losing streak with equities trading gains

The Business Times | Nov 5, 2020 at 1:00 AM
  • Societe Generale (SocGen) rebounded from its worst loss in 12 years with a third-quarter profit that was almost double analyst estimates, relieving pressure on chief executive officer Frederic Oudea after a string of trading hits.
  • The French lender reported net income of 862 million euros (S$1.37 billion) after losing about 1.6 billion euros in the first half.
  • Debt trading rose about 9 per cent from a year earlier to 569 million euros, compared with a 36 per cent increase at rival BNP Paribas and 25 per cent jump across Wall Street.