Société Générale, Swiss Re, Northern Rock

Net income at the Société Générale slipped to $1 billion from $2.36 billion in the 2007 second quarter.
AUG 05, 2008
European investment firms Société Générale and Swiss Reinsurance Co. suffered profit drops, and Northern Rock PLC swung to a first-half loss in financial statements issued today. Société Générale reported a 63% drop in second-quarter profits stemming in large part to credit-related losses at its corporate- and investment-banking division. Quarterly net income at the Paris-based bank slipped to $1 billion from $2.36 billion in the 2007 second quarter. Swiss Reinsurance Co. saw its first-half profit drop 53% to $538.5 million, from $978 million in the year-ago period after the company was took a $343 million write-down related to the global credit crisis. The Zurich, Switzerland-based insurance company also announced today that it was acquiring Barclays Life Assurance Co. Ltd., a unit of London-based Barclays PLC for $1.48 billion. Northern Rock posted a loss of $1.16 billion for the first half of the year after making a profit of $377.6 million in the year-ago period. The Newcastle upon Tyne, England-based mortgage bank was nationalized by the British government in February after borrowing $50.8 billion from the Bank of England.

Latest News

Women feel confident about saving, but many still keep cash in low-yield accounts
Women feel confident about saving, but many still keep cash in low-yield accounts

A new survey finds that many women prioritize financial security but continue to leave savings in accounts that may not keep pace with inflation.

SEC seeks comment on prediction-market ETFs after May pause
SEC seeks comment on prediction-market ETFs after May pause

Roundhill, Bitwise and GraniteShares funds remain on hold while the agency weighs how novel ETFs should be regulated.

Dump investment banks, buy alternative asset managers, says Oppenheimer
Dump investment banks, buy alternative asset managers, says Oppenheimer

"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."

TaxStatus rolls out rules-based tool to flag advice gaps
TaxStatus rolls out rules-based tool to flag advice gaps

The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.

Carson Group deepens Colorado presence with Arvada advisor deal
Carson Group deepens Colorado presence with Arvada advisor deal

The Omaha, Nebraska-based RIA's latest acquisition expands its Rocky Mountain footprint after two prior Colorado deals last year.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.