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Societe Generale posted the highest profit in two years at its corporate and investment bank during the first quarter, with deep cost cuts beginning to pay off and a surge in revenues from its equities and advisory businesses helping offset an industry-wide decline in fixed income.
Commerzbank posted a one-third increase in profit at its investment bank in the first quarter, after lower loan loss provisions and a boost from some hedges helped offset a decline in revenues across most of its main businesses.
BNP Paribas’s corporate and investment bank posted its worst start to the year since 2008 in the first quarter, with subdued activity from European clients and a drop in fixed income trading hitting the bottom line, prompting pledges to rein in costs further across the group.
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