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PARIS: Societe Generale SA (SocGen) reported on Monday a €1.26bil (US$1.48bil) second-quarter loss, as it booked a writedown on the value of its trading business that it seeks to revamp.
France’s third-biggest bank by market capitalization said it would reduce the risk profile of its trading unit in a shift costing €200mil to €250mil in lost revenue, though it pledged to maintain its equity structured products business.
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