SocGen reviews some structured products after first quarter hit
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[PARIS] French bank Societe Generale is reviewing market activities that suffered in the first quarter and was limiting its offerings of some equity structured products, its chief executive officer (CEO) said on Tuesday.
SocGen is one of the biggest players in dividend futures and structured products, which are derivatives linked to shares and corporate payouts.
As a result of market falls and companies cancelling dividends, the bank's equity trading revenue was wiped out in the first quarter.
CEO Frederic Oudea told an investor conference the bank had put constraints on production of structured products while it conducted the review.
"We won't get out of our leading equity structured products franchise. However, we will perform a thorough review of our structured products offer to limit the risks in case of extreme market dislocation," Mr Oudea said in a presentation that was published on the bank's website.
REUTERS
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