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
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).

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