France’s biggest banks reported substantial trading losses in recent weeks, highlighting the risks they have accumulated selling complex investment products promising high returns when markets are calm. Société Générale SA and BNP Paribas SA both reported roughly €200 million ($216 million) hits to their revenue related to “structured products” the banks cook up for yield-starved clients. During good times, these products can generate substantial fee income for the banks.

Source: Wall Street Journal May 15, 2020 12:22 UTC