SocGen to cut in trading

GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement | Event Participant Terms & Conditions

SocGen to cut in trading

socgen3_PA_230x150
Moody's ratings agency said Wednesday Sept. 14, 2011, it had downgraded by one notch top French banks Societe Generale and Credit Agricole while leaving BNP Paribas on negative watch. Credit Agricole's rating slid from Aa1 to Aa2 while Societe Generale was cut from Aa2 to Aa3. Shares in all three banks have plummeted in recent weeks on exposure to Greek sovereign debt and turbulence caused by the eurozone debt crisis. File picture : French bank Societe Generale headquarter building in the business district of La Defense near Paris, France on February 18 2009. Photo by Etienne de Malglaive/ABACAPRESS.COM | de Malglaive Etienne/ABACA/PA Images

Société Générale is looking at cutting around 1,600 jobs across the group, while also closing its over-the-counter (OTC) commodities business and proprietary trading firm.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request a Free Trial or Login
Gift this article