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Report: SocGen eyes closing proprietary trading division

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Report: SocGen eyes closing proprietary trading division

Société Générale SA may shutter its proprietary trading unit due to profitability concerns, Bloomberg News reported Jan. 17, citing sources.

The bank is weighing whether the Descartes Trading division, which puts shareholder money into risky bets, should be closed after seeing it struggle to generate profits.

The French lender closed the division's Hong Kong desk and withdrew some trading strategies, the sources said.

The report came on the same day SocGen issued a warning about its revenues for the fourth quarter and full year.