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

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

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

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

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

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline