(Reuters) – French bank Societe Generale’s (SOGN.PA) quarterly profit tumbled 42 percent, hit by losses at its investment bank, which it is shrinking in response to the euro zone crisis, and one-off writedowns on the value of U.S. and Russian units.
Under pressure to strengthen its balance sheet, France’s No. 2 listed bank is more than half way through a plan to slash debt and sell assets at its corporate and investment bank.
Profit at that unit, which has cut back risk since a huge rogue-trading loss in early 2008 hammered its reputation, plunged by 70 percent in the second quarter.
Modern Finance Report 