The French Société Générale bank ended up with a considerably lower profit in the first quarter, partly due to difficult market conditions in business banking. SocGen is already working hard to cut down on investment bank activities to save costs.
Net profit fell by 26 percent to 631 million euros compared to a year earlier. Revenues decreased by almost 2 percent to 6.2 billion euros. SocGen saw revenue from its French consumer activities fall, as did the trade in bonds and shares. Things went better with advice and asset management department.
SocGen said that the restructuring measures implemented are now starting to bear fruit. Hundreds of jobs are lost during this procedure. In addition, the bank announced that it would sell its subsidiary in Slovenia.
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