France's Societe Generale announces 6.9 billion euro losses

24th January 2008, Comments 0 comments

Losses of almost seven billion euros (over 10 billion dollars) blamed on brokerage fraud and the sub-prime mortgage crisis

   PARIS, January 24, 2008 - French banking giant Societe Generale reported
Thursday losses of almost seven billion euros (over 10 billion dollars) blamed
on brokerage fraud and the sub-prime mortgage crisis in the United States.
   In spite of this massive fall, a statement from the bank showed a net
profit in 2007 of between 600 and 800 million euros, a miserly return compared
to profits of more than 5.2 billion the year before.
   Societe General said it would raise 5.5 billion euros of capital in the
coming weeks and announced a press conference later in the day at its Paris
headquarters.

AFP 

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