SocGen Joins Rivals in Flagging Strong Trading at Start of Year
(Bloomberg) -- Societe Generale SA joined its European investment banking rivals in flagging a strong start to the year in its trading business, giving a boost to Chief Executive Officer Frederic Oudea after a year marked by steep losses at the business.
William Kadouch-Chassaing, SocGen’s head of finance, told a conference organized by Morgan Stanley on Tuesday that the lender was now finished restructuring the equities division, which was at the center of the losses a year ago when the onset of the pandemic wreaked havoc on complex derivatives it was selling.
“So far year to date, things hold well, we have a good start of the year, in some areas I would say even a strong start of the year compared with last year,” he said at the conference.
The comments echo remarks by Credit Suisse Group AG, which flagged revenue gains of more than 50% at its investment bank for the first two months of the year, as well as Deutsche Bank, which has also signaled a strong beginning to 2021.
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