1. Conceding FICC defeat
Société Générale has finally admitted it lacks the scale to compete in fixed income and currencies, and is making stringent cuts to stop further damage to the group’s financial performance. It constitutes an abrupt and arguably belated about-turn. Read more…
2. Q4 results: Boxed into a corner
Disastrous fourth-quarter results, especially in fixed income, merely underline the necessity of Séverin Cabannes’ plan to retreat from FICC. Rising regulatory costs – including remediation over Libor and Libya-related litigation – has made FICC, like prop trading, harder to sustain.
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