SocGen Considers Shutting $4.7 Billion Prop-Trading Unit

Executives reviewing future of Descartes division: sources
Crosstown rival BNP shuttered prop-trading unit last week

Bloomberg’s Fabio Benedetti Valentini reports on SocGen’s struggling proprietary-trading unit.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Fabio Benedetti Valentini, Donal Griffin, and Stefania Spezzati

January 17, 2019 at 11:09 AM UTC

Updated on

January 17, 2019 at 12:49 PM UTC

This article is for subscribers only.

Societe Generale SA is considering closing its proprietary-trading unit, people familiar with the matter said, a week after French rival BNP Paribas SA decided to shut its operation.

SocGen executives are reviewing the future of the Descartes Trading division, which makes risky bets with its shareholders’ funds, said the people, who requested anonymity as the details are private. The bank may decide to close the unit as the business has struggled to make profits, the people said.