In a locked room on the 33rd floor of Societe Generale SA’s 36-story headquarters in western Paris, members of the bank’s fraud control team peer at their computers, scrutinizing the trades being executed by dealers in eight trading rooms on the floors below.
BNP Paribas SA, Societe Generale SA and Credit Agricole SA had their credit ratings cut by Moody’s Investors Service, which cited funding constraints and deteriorating economic conditions amid Europe’s debt crisis.
Societe Generale SA, France’s second- largest bank, reported an 86 percent decline in third-quarter profit as losses on asset sales and a charge related to its own debt outweighed an investment-banking rebound.
New York’s top banking regulator Benjamin Lawsky is pressing BNP Paribas SA to dismiss one of its top executives as part of settlement negotiations with the U.S. over alleged sanctions violations, according to a person familiar with the matter.
Less than three months after Dexia SA got a clean bill of health in European Union stress tests, France and Belgium are considering a second bailout, moving the banking crisis from the continent’s periphery to its heartland.
The U.S. Securities and Exchange Commission responded to objections from hedge funds and private- equity funds by dialing back demands in its new rule calling for fund advisers to report internal information to regulators.
Axa SA, Europe’s second-largest insurer, said first-half profit more than quadrupled on gains from asset disposals in China, Australia and New Zealand, beating estimates. Shares rose as much as 6 percent in Paris.