Societe Generale reportedly quitting U.S. mortgage bond business
Bloomberg report suggests SocGen will 'pull back'
Societe Generale is reportedly “pulling back” on its U.S. mortgage-bond trading business, according to an article from Bloomberg.
From the Bloomberg report:
The French bank is instructing traders of U.S. government-backed mortgage bonds to stop buying the securities, said the people, who asked not to be identified because the matter is private. The directive comes as senior executives at the lender discuss scaling back from the $5.4 trillion market, the people said.