Société Générale suffers €1.4 billion in asset writedowns

PARIS – Société Générale (SG) has suffered a €1.4 billion ($2 billion) hit to its quarterly profits as result of having to make writedowns and provisions on US mortgage-related assets. The French bank says it will make a “slight” but unspecified profit for the fourth quarter of last year, which is expected to be far below the €850 million to €960 million quoted by market forecasts.

The bank said in a statement that the writedowns were a consequence of “contrasted signals coming from the US resid