Wall Street Journal
November 8, 2011
Société Générale on Tuesday moved to calm jittery investors by announcing sharp cuts to the euro-zone sovereign-debt exposure that has weighed heavily on its stock in recent months, lifting its shares despite reporting lower-than-expected net profit for the third quarter.
Net profit at the Paris-based lender fell 31% to €622 million ($856.9 million) from €896 million a year earlier, undershooting analyst forecasts of €732 million. It was hit by higher provisions against Greek sovereign bonds, and as volatile financial markets pressured its corporate and investment bank.
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