|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||20.86 - 21.64|
|52-week range||10.77 - 21.64|
|Beta (5Y monthly)||1.84|
|PE ratio (TTM)||N/A|
|Earnings date||06 May 2021|
|Forward dividend & yield||0.55 (2.58%)|
|Ex-dividend date||25 May 2021|
|1y target est||43.49|
(Bloomberg) -- Societe Generale SA will cut the bonus pool at its investment bank by about 20%, after trading hits in 2020 handed the group its first losing year in more than three decades.Across the company, payouts are being reduced by an average of 15%, according to a person familiar with the matter, who asked not to be named discussing confidential matters.SocGen’s markets unit, which posted a net loss last year, saw even bigger pay reductions, with some equity derivatives traders facing a bonus cut of more than 80%, another person said.The sweeping cuts cap a damaging year for Chief Executive Officer Frederic Oudea, who has seen shares of the French lender slump by more than two thirds since he took over in 2008. SocGen’s payout reductions are likely to be among the deepest at global investment banks after many peers seized on the pandemic market swings to deliver trading and deal-making gains.The bank’s traditionally-robust equity trading unit delivered a 49% revenue drop in 2020. The reduced variable compensation highlights the mixed performance around the region. UBS AG increased the bonus pool of its investment banking staff by 20% after a surge in trading revenue, while Credit Suisse AG grappled with legal hits and shrank its overall bonus pool by 7%. Read More: Traders Set to Win Spoils in Europe’s Uneven Bank Bonus Days A spokesman for SocGen declined to comment on the bonuses.European banks have been urged by regulators to show constraint in their bonus policy after receiving unprecedented support to weather the crisis. Last month, Deutsche Bank AG had to scale back on its payout plan after the European Central Bank objected to the proposed levels.Overall, bankers on both sides of the Atlantic are being handed bonus checks that aren’t quite in line with the trading windfalls that many have reaped amid the pandemic. That’s partly because while market gains may have rolled in, other businesses suffered due to the unprecedented economic contractions. Read More: Bonuses to Disappoint Bankers After Banner Year for Finance At Bank of America Corp., a flat bonus pool and policy changes on stock awards sparked anger among high earners. Citigroup Inc. left its overall pot unchanged for equities, while boosting it for bond traders by at least 10%. While bigger increases, with growth approaching 20%, have been discussed at JPMorgan Chase & Co. and Goldman Sachs Group Inc., payouts vary widely.(Updates with global peers comparison)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Name of issuer: Société Générale S.A. – French public limited company (“SA”) with a share capital of 1,066,714,367.50 euros Registered under nr.552 120 222 R.C.S. PARIS Registered office: 29, Boulevard Haussmann, 75009 Paris Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations DateNumber of sharescomposing currentshare capitalTotal number ofvoting rights31st January 2021853,371,494 Gross: 918,854,957 Attachment Societe Generale shares & voting rights as of 31-01-2021
(Bloomberg) -- Societe Generale SA vowed to return capital to investors even as it ended its first losing year in more than three decades with a slump in trading.In contrast to double-digit gains at Wall Street peers, SocGen saw equities revenue -- its traditional strength -- fall 7% from a year earlier and fixed-income trading drop 16%. Net income in the fourth quarter fell less than analysts had expected and the Paris-based firm pledged to return about 940 million euros ($1.14 billion) to investors this year if regulators let it.Chief Executive Officer Frederic Oudea is trying to turn around SocGen after trading losses in the wake of the pandemic exacerbated the impact of rising bad loans and negative interest rates. He’s reducing risk, cutting costs and accelerating a move toward simpler products at the markets unit.The longest-serving CEO of a major lender in the European Union, the 57-year-old has seen shares of SocGen slump by about three-quarters since he took over in 2008. The firm now has a market value of about 15 billion euros, less than Deutsche Bank AG, which has also suffered a long decline from its peak.SocGen rose 3.6% at 12:09 p.m. in Paris trading, as the bank said it would propose a dividend of 55 euro cents a share at its next annual meeting, equal to a 470 million-euro payout. It plans to return a similar amount in the form of share buybacks in the fourth quarter, provided that the European Central Bank lifts its recommendation to cap shareholder returns.William Kadouch-Chassaing, SocGen’s head of finance, said in an interview that he saw some improvement at the start of this year, including at the investment bank.“Things are definitely starting off the year positively” at the unit, he said in an interview with Annmarie Hordern on Bloomberg TV. “Across the board, in retail we still see an impact of the confinement, but it’s holding well.”Key figures from SocGen’s fourth quarter:Revenues EU5.84 billion vs analyst estimate of EU5.78 billionFIC trading EU414 million vs EU515 million estimateEquities trading EU593 million vs EU497 million estimateProvision for loan losses 689 million euros vs 954 million euros estimateIn a bid to boost profitability, Oudea is cutting hundreds of jobs at the investment-banking unit, merging the domestic retail networks to reduce the number of branches and looking to sell its 160-billion euro asset management arm Lyxor. He’s also ousted two of his top deputies.SocGen booked 210 million euros in charges in the fourth quarter to account for restructuring measures. The costs are adding to a rising bill for souring loans in the wake of the coronavirus pandemic. SocGen set aside 689 million euros for that purpose in the quarter, bringing the total for the past year to 3.31 billion euros. Such provisions should decline this year, it said.Rising charges and a poor trading performance resulted in a 258 million-euro loss for the year, the first in Bloomberg records going back to 1988. Kadouch-Chassaing said he couldn’t say when the 157-year-old bank last posted an annual loss.While rivals had to contend with similar challenges, they have been able to rely on their investment banking units to make up for it. In Germany, Deutsche Bank just posted its first annual profit in six years as trading business benefited from a broad-based market rally.Read More: BNP Paribas Sees Revenue Recovery After Debt-Trading MissThe slump at SocGen’s equities desk contrasts with a 35% jump in revenue at the biggest Wall Street banks. In fixed-income trading, Wall Street on average reported 10% higher revenue, and French rival BNP Paribas SA saw debt trading increase 22%. At Deutsche Bank, it was a plus of 17%.Despite the underperformance, SocGen has been among the most vocal in pushing back against the ECB’s decision to cap payouts, with Chairman Lorenzo Bini Smaghi saying he didn’t see a reason why banks in Europe should be treated differently to counterparts in the U.K. or Switzerland.(Updates shares in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.