RPT-UPDATE 2-Equity trading wipeout pushes SocGen into the red [Reuters (UK)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Reuters
Equity trading wipeout pushes SocGen into the red - Reuters 3 Min Read PARIS (Reuters) - Societe Generale ( SOGN.PA ) posted a surprise first-quarter loss on Thursday after hiking provisions for bad loans and suffering a revenue wipeout at its equity trading division amid market volatility caused by the coronavirus. Sales from trading shares slumped 99% to 9 million euros ($9.79 million) hit by cancelled dividends, increased hedging costs and a counterparty default, contributing to a 537 milion euro loss at the French lender’s corporate and investment bank. The weak performance is in stark contrast to European banks, which on average posted a 20% gain in share trading, according to analysts at Jefferies, and is a blow for Chief Executive Frederic Oudea, who has focused SocGen on equities and related derivatives. SocGen is one of the biggest players in dividend futures and structured products, which are derivatives linked to shares and coprorate payouts - both of which have nosedived
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