In Britain, anything that goes wrong, or even slightly awry, is blamed on Brexit. Poor investment banking results? Blame it on market turbulence in Q4 2018. This morning it’s French bank Société Generale’s turn. Its revenues will not grow at 3 per cent as planned; its return on equity will not be 11.5 per cent but between 9 and 10 per cent. It will save €500 million by cutting back on its fixed income, currency and commodity division (FICC) – just as Goldman Sachs said it would do earlier this week.
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