Europe's banks report dismal FICC results
PARIS - Société Générale's fixed-income, currencies and commodities division saw income drop by 7.7% in 2008.
The annual loss from the division totalled €953 million ($1.2 billion) compared with €885 million in 2007. However, these figures discounted huge losses incurred within the corporate and investment banking group from "non-recurring" items. These included €2.3 billion in writedowns on assets at risk, €1.2 billion writedowns on monoline and credit derivatives product companies exposures
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