Credit Suisse “Solid,” Societe Generale “Weak:” Jefferies

Credit Suisse posted “better-than-expected” Q4 results aided by a resilient IB, while Societe Generale posted “a relatively weak set of numbers” thanks to higher expenses across the board, notes analysts at Jefferies. After analyzing the fourth quarter results of Credit Suisse and Societe Generale, Omar Fall of Jefferies assigned a Hold rating on both banks.

Expenses drag down Societe Generale

According to the Jefferies analyst, thanks to various one-offs, Societe Generale’s reported headline net profit of €511 million is worse than the consensus of €754 million. The one-offs include a €200 million litigation charge and €200 millionin  Brazilian consumer finance exit costs. The...