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| Version 0 | Version 1 |
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| SocGen cautious despite profit | SocGen cautious despite profit |
| (about 1 hour later) | |
| Societe Generale has reported a profit for the fourth quarter of 2008, helped by strong performance at its French retail banking division. | Societe Generale has reported a profit for the fourth quarter of 2008, helped by strong performance at its French retail banking division. |
| However, the French bank said the trading environment was set to remain "challenging" during 2009. | However, the French bank said the trading environment was set to remain "challenging" during 2009. |
| Societe Generale made a net profit of 87m euros ($110m, £77m) in the October to December period, against a loss of 3.35bn euros a year earlier. | Societe Generale made a net profit of 87m euros ($110m, £77m) in the October to December period, against a loss of 3.35bn euros a year earlier. |
| The deficit was due to a 4.9bn-euro trading loss blamed on a junior trader. | The deficit was due to a 4.9bn-euro trading loss blamed on a junior trader. |
| Job cuts | Job cuts |
| Societe Generale said it had written down the value of its Russian operations by 300m euros, adding that it would probably be forced to delay its business plan there amid the "economic crisis" in the country. However, it added it still saw "strong potential" in Russia. | Societe Generale said it had written down the value of its Russian operations by 300m euros, adding that it would probably be forced to delay its business plan there amid the "economic crisis" in the country. However, it added it still saw "strong potential" in Russia. |
| The environment will probably remain challenging throughout 2009 Societe Generale class="" href="/1/hi/business/7896270.stm">ING reports second quarterly loss | |
| Last year, Societe Generale took control of Russia's Rosbank. | Last year, Societe Generale took control of Russia's Rosbank. |
| The bank's shares have fallen sharply recently - by 37% since the beginning of the year - on investors' fears about Societe Generale being exposed to now-troubled eastern European economies. | The bank's shares have fallen sharply recently - by 37% since the beginning of the year - on investors' fears about Societe Generale being exposed to now-troubled eastern European economies. |
| "The significant slowdown in the economy was felt in a number of activities," Societe Generale said in a statement. | "The significant slowdown in the economy was felt in a number of activities," Societe Generale said in a statement. |
| "The environment will probably remain challenging throughout 2009." | "The environment will probably remain challenging throughout 2009." |
| Societe Generale said it would cut jobs and put a selective freeze on hiring, However, the bank did not detail the plans. | Societe Generale said it would cut jobs and put a selective freeze on hiring, However, the bank did not detail the plans. |
| Last month another leading French bank, BNP Paribas, said it expected to make a 1.4bn euro net loss in the fourth quarter of 2008 amid write-downs and a rise in the cost of risk. | Last month another leading French bank, BNP Paribas, said it expected to make a 1.4bn euro net loss in the fourth quarter of 2008 amid write-downs and a rise in the cost of risk. |