SG takes a €370m hit on exotics and €447m loss on Lehman in Q3 2008
SG Corporate & Investment Banking reported a 14.3% increase in equity flow business over the third quarter of 2008, compared to the same quarter of 2007; also a 17.4% increase on the previous quarter. “However, structured products were penalised by an unfavourable seasonal impact and investors’ ‘wait-and-see’ against the backdrop of a sharp decline in the markets… Conversely, volatility trading enjoyed a robust performance,” said the bank in a release issued this morning.
Revenues for the Fixed Income, Currencies & Commodities (FICC) business totalled €744 million excluding non-recurring items, up 140% against Q3 2007 and 4.9% versus Q2 2008. “Once again this quarter, the business line achieved record client-driven revenues driven by flow products, interest rate and forex structured products, and commodities,” said the bank.
In the smaller print, FICC also recorded
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