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France's Banks Need the Macron Touch

Lionel Laurent
France's Banks Need the Macron Touch

Emmanuel Macron's youthful energy stands in sharp contrast with France’s biggest banks, whose shares have, in the main, languished since his election as president. Societe Generale SA, once the poster child for French expertise in derivatives, has the most work to do to restore investor confidence. While Friday's first-quarter results were disappointing at both BNP Paribas SA and its arch-rival, it is Societe Generale that seems most at sea. It is hard to take comfort from the management overhaul announced by CEO Frederic Oudea, Europe's fifth-longest-serving bank chief.

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