Daniel Bouton, the head of Société Générale, said that the bank could continue to remain independent but was "open to deals that could enhance value", as the corporate and investment banking division posted a 22% decline in profits for 2002, to €509m ($548m).

For the fourth quarter 2002 the division's profits increased 29% over the previous quarter, as a result of falling costs in equity and advisory and a strong performance in corporate banking and fixed income. For the full year, net banking income in equities and advisory declined 19%, which the bank attributed to a collapse in volumes and high volatility. It posted an €82m charge in the fourth quarter for job cuts in the investment banking division.