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

Carnegie Investment Counsel sued over valuation suppression
Carnegie Investment Counsel sued over valuation suppression

Retiring RIA seller David Laidlaw alleges the Carnegie valued his stake on $11.7 million EBITA while pitching potential buyers on $21.3 million.

Arch pushes AI portfolio monitoring into pre-investment due diligence
Arch pushes AI portfolio monitoring into pre-investment due diligence

New tool gives RIAs and family offices AI help vetting private market deals, with some users reportedly halving review time.

$4.5M raised on trust alone: SEC alleges affinity fraud in merchant lending
$4.5M raised on trust alone: SEC alleges affinity fraud in merchant lending

Investors got projected returns dressed up as real ones, SEC says

Treasury sets auto-enrollment rules for Trump Accounts, potentially adding 60 million more children
Treasury sets auto-enrollment rules for Trump Accounts, potentially adding 60 million more children

Parents must still act to get the $1,000 federal seed and employer contributions, giving financial advisors a role in the rollout.

FINRA bars former LPL broker for stealing $1.7 million from customers
FINRA bars former LPL broker for stealing $1.7 million from customers

FINRA booted Rudy Anguiano from the industry for “conversion - the intentional and unauthorized taking of another person’s property.”

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains