SCGLF - Société Générale Société anonyme

Other OTC - Other OTC Delayed Price. Currency in USD
28.75
0.00 (0.00%)
As of 11:46AM EDT. Market open.
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Previous Close28.75
Open28.75
Bid0.00 x 0
Ask0.00 x 0
Day's Range28.75 - 28.75
52 Week Range23.30 - 45.15
Volume1,106
Avg. Volume3,909
Market Cap22.852B
Beta (3Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
Trade prices are not sourced from all markets
  • SocGen Is Looking to Save $660 Million at Paris Headquarters
    Bloomberg

    SocGen Is Looking to Save $660 Million at Paris Headquarters

    (Bloomberg) -- Societe Generale SA is studying ways to save 600 million euros ($662 million) in annual costs tied to its operations in Paris, part of an effort to win back investor confidence and improve returns.The review, known internally as “Ithaque,” started in June, according to a person familiar with the matter. No decision has been made and the savings target may still change, said the person, asking not to be identified because the matter is confidential.The bank declined to comment.Chief Executive Officer Frederic Oudea is under pressure to go beyond existing cost cuts amid an economic slowdown and the prospect of even lower interest rates. The new reductions would focus on Paris support functions and add to an ongoing restructuring that aims to save 500 million euros and eliminate 1,600 jobs, mainly in the investment banking unit.Banks across Europe have been cutting costs, with Deutsche Bank AG unveiling some 18,000 job reductions in July and UniCredit SpA weighing thousands of cuts. While SocGen and bigger crosstown rival BNP Paribas SA have been more reluctant to make bold moves, the prospect of slower growth will likely prompt more measures, UBS Group AG analyst Lorraine Quoirez wrote in a note earlier this week.SocGen rose 1.6% at 11:08 a.m. in Paris trading, paring losses this year to 6.7%. The stock has trailed peers in 2019, which are roughly flat by one industry gauge.Strengthening CapitalOudea, more than 10 years in the job, is slashing costs and selling assets after a surprise profit warning in January. He wants to preserve the bank’s leadership in businesses such as equity derivatives while strengthening capital.SocGen has hired Bain & Co. to help identify ways to slash expenses by about a fifth on services such as information technology, human resources and the finance department, Bloomberg reported last month. The review might lead to hundreds of additional job cuts in Paris, one person familiar with the matter has said.The firm is also working with McKinsey & Co. to find ways to bolster its key capital level and keep up with regulatory demands in a review known internally as “Optica,” Bloomberg reported in June.In addition, Oudea has been exploring asset sales. SocGen is considering options for its Lyxor asset-management business, which oversees about 151 billion euros, people familiar with the matter said last month. The company is also weighing exits from its U.K. private banking business and Nordic equipment-leasing operations, people familiar with the matter have said. Last year, it agreed to sell its Belgian private banking unit to ABN Amro Group NV.(Adds industry background in fifth paragraph.)To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.netTo contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Christian Baumgaertel, Ross LarsenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Exclusive: LME's gold, silver contracts in doubt as Societe Generale pulls out
    Reuters

    Exclusive: LME's gold, silver contracts in doubt as Societe Generale pulls out

    The London Metal Exchange's gold and silver futures are being thrown into doubt, with the imminent resignation of Societe Generale as a market maker threatening to deepen a decline in trading activity, three sources said. SocGen, one of five lenders that partnered with the LME to launch the contracts in 2017, is expected to resign shortly as a market maker, taking the number of banks committed to offering tradeable prices to two -- Goldman Sachs and Morgan Stanley, the sources said. The LME bet that the contracts would benefit from tightening regulation pushing some of London's $10 trillion-a-year gold market from over-the-counter (OTC) deals between banks and brokers to centrally cleared exchanges.

  • SocGen's shares rise as bank boosts solvency ratio
    Reuters

    SocGen's shares rise as bank boosts solvency ratio

    Shares of Societe Generale, France's third-largest bank by market capitalisation, jumped on Thursday after it hit its solvency target a year early, easing investor concerns it would have to raise more capital. Although net profit fell in the second quarter, the bank met its 2020 goal of raising its common equity tier 1 ratio, an indicator of a lender's solvency, to 12% from 11.5%, thanks to asset disposals and the payment of parts of its dividends in shares instead of cash. At the beginning of the year, some of our investors wondered whether we would need to raise capital," SocGen's Chief Executive Frederic Oudea said in an interview with French radio station BFM.

  • Reuters

    Societe Generale sued for $792 mln by heirs of Cuban bank seized by Castro

    The family of the former owners of a Cuban bank seized by Fidel Castro's government nearly six decades ago sued Societe Generale for approximately $792 million, saying the French bank owes damages for circumventing U.S. sanctions against Cuba. In a complaint filed on Wednesday with the U.S. District Court in Miami, 14 grandchildren of Carlos and Pura Nuñez, who once owned Banco Nuñez, want to hold Societe Generale liable under U.S. law for doing business with Cuba's central bank, which nationalized Banco Nuñez and other lenders in 1960. A lawyer for the plaintiffs said he believed the case was the first against a bank that allegedly "trafficked" in property expropriated by the Castro regime, since the Trump administration said in April it would begin letting U.S. nationals sue companies for such conduct.

  • Reuters

    Saudi Arabia hires banks for dual-tranche debut euro bond

    Saudi Arabia has hired a group of banks including Goldman Sachs and Societe Generale to arrange a global investor call ahead of an issuance of euro-denominated bonds, its first in that currency, a document issued by one of the banks leading the potential deal showed on Monday. Goldman Sachs and Societe Generale have been hired as global coordinators and bookrunners, while BNP Paribas, Morgan Stanley and Samba Capital have been mandated as lead managers and passive bookrunners, according to the document.