French investment bank Société Générale said Monday that it was embarking on “several organizational adjustment projects” that are expected to lead to the elimination of 640 positions, the latest step in its cost-reducing plan for the next two years.
Société Générale has decided to divest its Lyxor asset management division, Bloomberg reported Friday, following months of chatter about an impending sale as the Paris-based bank struggled to dig itself out of its worst-performing year since 2008.
Societe Generale made progress toward recovery in the third quarter after suffering a heavy blow to earnings earlier in the year due to the pandemic, the CEO of France’s third-largest bank said Thursday.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.
Societe Generale said it would broadly reshuffle its management after posting a surprise EUR 1.26 billion ($1.48 billion) loss Monday and vowed to reduce both costs and risk.
Societe Generale said that despite posting its worst loss since 2008 in the second quarter, the bank observed an economic rally that could mean the worst of the current crisis has passed as Europe emerges from coronavirus-related lockdowns.
A group of 19 banks, pension funds and public financial institutions provided $1.6 billion in debt financing to a Swedish battery manufacturer to support the construction of a “gigafactory” of lithium-ion batteries for electric cars.
Amundi introduced three new exchange-traded funds aimed at the European Union’s Paris Climate Agreement-based targets, the French asset manager with EUR 1.5 trillion ($1.7 trillion) in assets under management said on Thursday.
French financial giants Societe Generale and CNP Assurances both said this week they would take major steps toward eliminating their exposure to the coal industry, adding to a string of recent climate-related commitments by major European financial institutions.
French bank Societe Generale said on Tuesday that it is acquiring Shine, a neobank that targets entrepreneurs, to expand its offerings for business clients.
The Australian securities arm of France’s Societe Generale has pleaded guilty to charges of breaching client money laws, Australian regulators said Wednesday.
Barclays Chief Executive Officer Jes Staley reportedly said Wednesday that he expects the bank’s staff to continue working from home even after the coronavirus pandemic ends, suggesting that the days of banks occupying large office towers could be over for good.