Société Générale, Fortis

French banking giant Société Générale earned $1.69 billion, down from $2.2 billion a year ago, but beating analyst estimates.
MAY 13, 2008
French banking giant Société Générale earned €1.1 billion ($1.69 billion) in the first quarter, down 23% from €1.4 billion ($2.2 billion) in the year-ago period but beating analyst estimates. In connection with an unauthorized trading scandal in January, the Paris-based company suffered a loss of €4.9 billion, which it accounted for in last year’s fourth quarter. Fortis SA/NV reported a 31% decline in first-quarter net income to €808 million ($1.25 billion), or €0.37 a share ($0.57), from €1.17 billion, or €0.76 a share, in the year-ago period. The Brussels, Belgium-based financial services company said that it lost €380 million ($590 million) in connection with the global mortgage crisis.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management