The French Societe Generale incurred losses of 1.26 billion euros ($ 1.48 billion) in the second quarter of the year, while reducing the value of trading activities it seeks to reorganize. < / p>
According to Reuters, the third largest bank in France by market value said it would reduce the volume of risk per unit of trading in a transformation that would cost between 200 and 250 million euros in revenue. Lost.
The bank surprised investors with a loss in the first quarter after the outbreak of the Corona Virus erased the revenue of the stock trading division.
Q2 revenue fell 80 percent in share trading and rose 38 percent in fixed income instrument trading.
The bank saw a 15.7 percent drop in second-quarter revenue to 5.3 billion euros, compared to 5.44 billion euros in the average estimate of five analysts polled by Reuters.
The bank doubled provision for loans that could become bad because of the Covid-19 pandemic four times.
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