Société Générale Posts Surprise Loss as Bad-Loan Charges Surge

French bank Société Générale SA said it would cut costs and rework its strategy after bad-loan charges tripled in the first quarter and stock-trading revenue was wiped out by disruption from the coronavirus pandemic.

As at other banks, the lender said clients traded more in volatile markets but the transaction fees it earned on those trades were offset by poor performance in structured products. Companies that canceled dividend payments because of the coronavirus wiped €200 million from its structured products...

Société Générale is known for many things but surprise loss isn't one of them

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