French banking giant Société Générale SA, stung by coronavirus-related trading losses earlier this year, plans a retreat in its investment banking unit and posted a surprise loss Monday, even as rivals thrived on the increase in stock and bond trading.
While competitors such as Goldman Sachs Group Inc. and Morgan Stanley have gained from customers moving their investments around to adapt to market shifts under the pandemic, Société Générale took losses in one of its specialties, creating and selling complex investment products.
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