Socit Generale reported a 26 per cent fall in profits as the French bank pushes ahead with a far-reaching overhaul of its business.
Net income for the first quarter was 631m, down from 850m in the same period one year previously, knocked slightly by costs associated with the disposal of a Slovenian subsidiary.
The groups net banking income fell 1.6 per cent to 6.19bn, dragged down by a low interest rate environment in French retail banking.
Last month, SocGen unveiled a restructuring plan that will see it eliminate 1,600 jobs in a bid to cut 500m in costs after missing financial targets on the back of poor performance in its trading unit.
It said on Friday it would offload its Slovenian SKB subsidiary as part of the restructuring, …
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