Societe Generale’s head of global banking and investor solutions has welcomed his unit’s “resilient revenue performance” in trading in the first quarter, even as the French bank presses ahead with cost and staff cuts at the division.

The global banking and investor solutions division - which houses its global markets, investor services, financing and advisory, and asset and wealth management operations - posted revenues of €2.4 billion during the first quarter of 2016, 9% lower than a year before.