Société Générale expects 3Q profit

Despite being hit with a trading scandal this year and being exposed to assets from the now-bankrupt Lehman Brothers Holdings Inc. of New York, Société Générale SA is estimating a third-quarter profit.
OCT 14, 2008
By  Bloomberg
Despite being hit with a trading scandal this year and being exposed to assets from the now-bankrupt Lehman Brothers Holdings Inc. of New York, Société Générale SA is estimating a third-quarter profit. The Paris-based bank said today that its third-quarter profit would be about 1 billion euros ($1.36 billion), excluding non-recurring items, when quarterly earnings results are announced Nov. 6. France’s second-largest bank issued its preliminary results in response to market rumors that it had experienced significant losses due to its structured product activities. Société Générale is coming off a second quarter 63% profit drop stemming from credit-related losses at its corporate and investment banking divisions (InvestmentNews, Aug. 5) The bank started 2008 on the wrong foot when it discovered a $7 billion loss stemming from fictitious trades made by former trader Jérôme Kerviel(InvestmentNews Jan. 28).

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.