SG pays for restructuring, cost savings pay off for BNPP
The focus was on costs in the second quarter results of BNP Paribas and Société Générale’s investment banks, announced this week. BNP Paribas managed to keep a lid on expenses and could boast of "positive jaws", but SG took on a big charge from its restructuring.
Both French banks have announced measures to cut costs and operations in the last year. BNP Paribas’ CIB 2020 plan targeted €850m of savings, while SG said in the spring it would exit or decrease a swathe of activities.But this type of restructuring is ...
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