Societe Generale vowed to cut costs at its trading business after the lender swung to an unexpected loss in the second quarter as it set aside more money for potential loan losses and posted writedowns related to its trading operations.

SocGen’s provisions for soured loans increased more than fourfold, mirroring a trend seen at other US and European banks bracing for the economic impact of the coronavirus pandemic. France’s third-largest listed bank by assets stowed away 1.28bn euros ($1.51bn) for provisions, up from €314m a year earlier.