UPDATE 3-Societe Generale trims targets as market downturn takes toll [Reuters (UK)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Reuters
Societe Generale trims targets as market downturn takes toll | Reuters 4 Min Read PARIS (Reuters) - Societe Generale has cut its profitability target after the French bank was hit by a fourth-quarter market downturn, joining other European banks battling a tough environment. The country’s third largest listed bank expects its return on tangible equity to be between 9 and 10 percent in 2020, down from a previous target of 11.5 percent. Societe Generale also said it would not meet its 3 percent revenue annual growth target after revenue fell 6.3 percent in the fourth quarter to 5.93 billion euros ($6.7 billion), in line with analyst forecasts collected by Infront Data. Profits at SocGen’s corporate and investment banking business fell by more than half during the quarter and the bank now plans to cut 500 million euros in costs at this business. “In a rough environment, most notably at the end of last year, the performance of our market activities was disappointing,” SocGen’s Chief Execu
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