Societe Generale’s equity derivatives business is jettisoning multi-index and multi-asset class products, and shifting dividend-payment risks to the client, chief financial officer William Kadouch-Chassaing tells Euromoney.
The French lender has been among the worst-performing bank stocks this year, partly due to the erratic performance of its top-tier European equity derivatives franchise. Its equity market valuation is languishing at about 0.3x book value.
Equity derivatives losses, sparked by unexpected post-Covid cuts in corporate dividends – on top of credit impairments – pushed the corporate and investment-banking division and the group to a loss, back in the first quarter.
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