Shocked by the sudden withdrawal of short-term dollar funding from US money-market funds 18 months ago, Société Générale has moved quickly to rein in businesses that depended on it, especially in the US and Asia, and to concentrate scarce resources on its European clients. It has also reoriented the financing business inside a corporate and investment bank that accounts for roughly one-third of the whole group’s allocated equity and a similar portion of its profits.
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