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Société Générale is cutting bonuses for traders in the firm’s banking division 44% in a reckoning for a 39 per cent fall on year-over-year profits.The Telegraph’s Harry Wilson reports SocGen chief Frédéric Oudéa attempted to soften the blow by saying a similar fate is befalling bankers at the firm’s main rival.
“It will be a comparable fall [to BNP Paribas] for traders,” Oudea said in a press conference, Wilson writes.
Which is true, as Wilson reported yesterday.
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