Chill bond winds blow for French pair

By Owen Sanderson
08 May 2014

Société Générale and Natixis felt the effects of the chilling environment in fixed income trading in their first-quarter results reported this week, but financing-focused Credit Agricole shrugged off the challenge to record a 3% revenue rise to €984m in its investment bank.

With bigger trading arms, SocGen and Natixis both suffered from low volumes in bonds.

Natixis reported Q1 2014 wholesale banking revenue flat year-on-year at €727m, broadly in line with analyst estimates, but a 38% drop in fixed income and treasury to €231m “reflecting a less attractive market backdrop ...

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