SocGen's Trading Slide Adds to Setbacks for French Banks

Bank expects revenue hit, charge for disposal of units
Peers in U.S. and France also hampered by wild markets

Bloomberg’s Stefania Spezzati reports on SocGen’s drop in trading revenue.Source: Bloomberg

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By Ross Larsen, Geraldine Amiel, and Fabio Benedetti Valentini

January 17, 2019 at 1:38 AM EST

Updated on

January 17, 2019 at 5:49 AM EST

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Societe Generale SA capped a dramatic reversal of fortune for French banks after markets turned volatile, warning that fourth-quarter trading revenue dropped about 20 percent.

France’s third-largest bank said Thursday that “challenging” conditions also led to a decline of about 10 percent in annual revenue from its markets units. Shares of the bank, which will report earnings in February, fell as much as 5 percent in Paris trading.

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