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SocGen posts earnings miss as it sets aside more for coronavirus-related loan losses – CNBC
Societe Generale reported a net loss of 1.26 billion euros for the second quarter of the year, missing market expectations.
Societe Generale reported a net loss of 1.26 billion euros for the second quarter of the year, missing market expectations, as the bank set aside more capital due to the pandemic and reduced the value of its trading business.
The French bank decided to make further provisions of 653 million euros to deal with potential risks from the ongoing crisis.
“While April and May were heavily impacted by the reduction in activity of numerous economies around the world, the rebound in activities from mid…
Alibaba expanded during the SARS health crisis — and its co-founder has advice to share – CNBC
Leading a company through crisis is no mean feat. For those that get it right, it can be an opportunity to set the business apart from the pack, according to Alibaba’s executive vice chairman.
Leading a company through a crisis is no mean feat and for some, it can be their undoing. But for those that get it right, it can be an opportunity to set the business apart from the pack.
That was the case for Chinese technology giant Alibaba Group, executive vice chairman and director of Alibaba’s entrepreneur fund Joe Tsai said in a recent interview.
Now an e-commerce giant worth some $678 billion, Alibaba was about to launch Taobao, its online marketplace for consumers,in 2003 when crisi…
HSBC’s pre-tax profits fall 65% to $4.3 billion in first half of 2020, missing expectations – CNBC
HSBC, Europe’s largest bank by assets, released its financial report for the first six months of this year.
HSBC on Monday reported a 65% year-over-year fall in pre-tax profits for the first six months of 2020 to $4.3 billion missing analysts’ expectations.
The bank’s reported revenue fell by 9% to $26.7 billion during the same period, slightly above what analysts projected.
Chief Executive Noel Quinn said in a statement accompanying the earnings release the bank was “impacted by the Covid-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility.”
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