CIB legacy losses drag down Société Générale
A record year for fixed income and a strong performance in equities still failed to lift Société Générale’s full 2009 results compared to those of its rivals, as the bank revealed on Thursday that it had scraped together a fourth quarter profit in part thanks to a tax credit.
Although SGs corporate and investment banking (CIB) unit contributed Eu623m to the groups net income of Eu678m for 2009, the divisions contribution to fourth quarter earnings was negative by Eu563m.
Fixed income, currency and commodity revenues in those three months, amounting to Eu255m, were hit by a sharp
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