Societe Generale SA and Credit Agricole SA, two of France’s biggest banks, reported higher earnings and said they are in talks to swap stakes in derivatives broker Newedge Group and asset manager Amundi Group.
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.
Societe Generale SA, France’s second-largest bank by market value, would be able to meet tougher leverage rules by reducing its cash deposits at central banks, Chief Executive Officer Frederic Oudea said.
Societe Generale SA Chief Executive Officer Frederic Oudea said global plans to list banks deemed systemically important and make them hold extra capital may backfire by creating more lenders that are too big to fail.
The chief executive officers of three of Europe’s largest banks defended themselves against criticism they’re companies are too big, saying the region needs lenders with scale to support clients around the world.