Responding to the eurozone crisis

Société Générale spent a month at the centre of the eurozone crisis last year, and the bank has responded by reining in its US dollar funding needs and boosting its liquidity buffer. The investment banking unit is also learning constraint under new boss, Didier Valet. By Duncan Wood


As denials go, the one Société Générale (SG) issued on August 10, 2011, was pretty firm. The rumours, it said, were completely unfounded, and the bank categorically and vigorously denied them. Whatever those rumours were – SG did not specify – they had caused the bank’s stock to collapse from €33.31 on August 1, to €22.18 on the day of the denial. The slide would continue to a September 12 nadir of €15.57.

At the time, there were plenty of rumours to choose from – an impending downgrade for

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