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Follow on Google News | JSM Financial: French bank Société Générale looks to Asia and the U.S. for derivatives growth.Showing strong first quarter results SocGen aims at the U.S. and Asian investment banking sectors for further growth.
By: JSM Financial "We are back to being a growth engine for the group," JSM Financial believes the firm’s investment banking chief Michel Péretié said in a recent interview. The Paris-based bank reported first quarter earnings of $1.38 billion, significantly higher than analyst’s predictions, which included $715 million from investment banking which saw revenues increase almost 35% over the last quarter of 2009. SocGen, the global leader in equity derivatives suffered heavy shrinkage during the global financial crisis but with first quarter revenues up 20% from the previous quarter, is now seeing strong recovery. "We've passed through the crisis," JSM Financial believes Péretié continued. "We've been expanding and gaining market share in all areas," especially derivatives trading, such as fixed income and currency, as well as equities. Péretié went on to say that he intended to boost his division’s 12,000 staff by between 5% and 10% in 2010 and has set an ambitious target of increasing U.S. revenues by 50% over the next 3 years, JSM Financial believes, while at the same time doubling the firm’s present Asian revenues. # # # JSM Financial is an independent broker focused on the realization of superior returns from seed stage and early-stage equity investment and active partnerships with exceptional entrepreneurs building market-leading technology companies. End
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