SocGen Fall Gives Banks the Jitter
The banking sector suffered an unexpected blow after Societe Generale warned of a £1.2 billion write-down on toxic debt. France’s second-largest bank blamed contrasted signals from the US residential property market for leaving the bank only just in the black.
It now expects to report only a slight profit for the fourth quarter when it posts earnings next month.
The warning spooked investors and Societe shares fell dramatically in early trading, though picked up slightly later in the day.
But the French bank also warned income from corporate and investment banking would fall in the fourth quarter compared with the third. It blamed lower investor activity in November and less favourable market conditions. Despite this, the bank said it was in a favorable position to go into 2010 with confidence, citing a robust financial structure and new management.
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