SocGen Profit Warning on Greek Debt
Chairman and chief executive–Frédéric Oudéa warned by SocGen that its profit target of €6bn net income for 2012 will be hard to achieve as a writedown linked to its Greek exposure weighed on quarterly results.
However, Mr Oudéa also said that second-quarter results demonstrated the “resilience” of Société Générale, in spite of the inclusion of a €395m pre-tax writedown due to Greek government bonds held by the second-biggest bank in France.
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