BNP Paribas, SocGen Tumble After Missing Rebound in Trading
- Banks’ trading revenue lags behind U.S., European competitors
- French retail revenues slip on slower mortgage refinancings
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BNP Paribas SA and Societe Generale SA missed out on the trading gains that boosted earnings at some of their U.S. and European rivals in the first quarter, sending their shares tumbling.
Trading income at BNP Paribas, the largest French lender, fell 15 percent as a drop in sales from fixed-income, currencies and commodities outweighed a gain in equities, the Paris-based bank said Friday. At Societe Generale, stock and bond trading both dropped.