The group Societe Generale announced Wednesday a new plan of savings of 850 million euros for 2015-2017, to “improve competitiveness” and offset rising regulatory costs, without specifying whether it would have an impact on its workforce.
“organizational simplification projects, improve efficiency, tighter controls on costs and outsourced revision and simplification of customer transactions will generate 850 million of euros in additional savings in 2017 “, the bank announced in a statement devoted to its results for the second quarter, marked by net profit up 25%. The bank did not detail the potential impact in terms of employment.
1.35 billion net profit of euros
The plan aims to “best answer customer expectations, improve the competitiveness of supply and integrate digital technologies in business models “ and ” offset rising regulatory costs “, the company said. Societe Generale has made this announcement while his previous savings plan launched in 2012, has now been completed at 97% (or 870 million realized on a target of 900 million).
As for the quarterly results, the bank recorded a net profit of 1.35 billion euros, well above analysts’ forecasts. For comparison, BNP Paribas reported a profit of 2.6 billion euros and Credit Agricole 1.5 billion over the same period. The result of SocGen takes account of new litigation provision of 200 million euros, bringing the total of its collective litigation provision at 1.3 billion euros.
As Crédit Agricole, the Group been one passage reviewing some of its dollar transactions in the United States to see if they are consistent with US law. In a similar case, BNP Paribas was sentenced to a fine of 6.6 billion euros last year for having carried out transactions with countries under US economic embargo (Cuba, Sudan, Iran), an unprecedented punishment for foreign operations overseas.
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