French Trading Results Return to Earth After Beating Wall Street
- SocGen, Credit Agricole post worst performance of French banks
- Natixis only French bank to do better than Wall Street rivals
The Takeaways From This Quarter's European Bank Earnings
This article is for subscribers only.
After outshining some of Wall Street’s biggest and best this year, trading results at France’s largest banks are crashing back to earth.
Leading the declines were Credit Agricole SA and Societe Generale SA, which both posted a revenue slump of about 25 percent, while BNP Paribas SA’s earnings from all trading activities -- including bonds, equities and currencies -- fell 15 percent. Only Natixis posted better results than Wall Street peers, registering a 9 percent fall compared with the U.S. average of 15 percent.