Shares in France’s third-largest listed bank tumbled by about 12% after its newly appointed CEO said he expected little if any growth in annual sales over the coming years, as he outlined a plan investors deemed lacklustre — Reuters
LONDON: Societe Generale’s (SocGen) much-hyped new strategy plans were given a thumbs down by investors on Monday, underscoring uncertainty over European banks as they face a brittle economy.
As a year-long boon from interest rate rises fizzles, Europe’s big lenders are under a spotlight, with higher rates now upping pressure on borrowers, threatening to prick a property price bubble and further slow the wider economy.
