SocGen’s Biggest Loss Since Kerviel Adds Pressure on CEO Oudea
- French bank takes large charges after review of global markets
- Fixed income revenue gains 38% while equities declines 80%
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Societe Generale SA suffered its worst quarter since rogue trader Jerome Kerviel’s record loss more than 12 years ago, after it wrote down the value of its trading business and took a large tax charge.
The French lender posted almost 1.33 billion euros ($1.56 billion) in one-off costs following a review of the global markets and investor services business, including a 684 million-euro writedown. That capped a tough period for the bank, which saw equities-trading revenue decline 80% after structured products were hit for a second straight quarter.