UPDATE 2-SocGen's shares rise as bank boosts solvency ratio [Reuters (UK)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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societegenerale.com/en/investors
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Source: Reuters
SocGen's second-quarter net profits dragged down by restructuring costs - Reuters 3 Min Read PARIS (Reuters) - Societe Generale ( SOGN.PA ), France’s third-largest bank in terms of market capitalization, posted lower second quarter net profits after earnings were impacted by restructuring costs at its corporate and investment banking unit. Net profit fell 14% to 1.05 billion euros ($1.16 billion)during the second quarter compared with the same period a year ago, with revenues down 2.6% to 6.28 billion euros. UBS, Credit Suisse and Jefferies respectively expected net profit of 928 million euros, 833 million euros and 1.08 billion euros. Societe Generale booked a 227 million euro charge related to its plan to restructure its corporate and banking unit by reducing 500 million euros worth of costs and cutting 1,600 jobs after a dismal fourth quarter. SocGen’s results were weaker than those of its larger domestic rival BNP Paribas ( BNPP.PA ), which this week reported a forecast-beatin
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