Gundlach Says SocGen CEO Has ‘No Idea What He Is Doing’

Bloomberg News reports that DoubleLine Capital CEO Jeffrey Gundlach had tough words for the head of Paris-based Societe Generale, Frederic Oudea, after its shares fell to a five-year low on Thursday.

The French bank said earlier in the day that it’s shrinking its markets business and cutting an additional 500 million euros of costs to combat a market rout that sent trading revenue tumbling.

Gundlach’s latest tweet about the company echoed one posted on Jan. 19. Since then, the company’s shares have declined 13.7 percent.

Societe Generale did not immediately respond to requests for comment.

Source: Bloomberg

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