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Bloomberg
Societe Generale SA (SocGen) plans to cut 640 jobs in France, mainly at its investment-banking operations, as part of a broader cost savings plan.
Part of the reduction relates to SocGen’s decision to stop trading in some of its risker structured products, the bank said in a statement on Monday. The securities business as well as compliance and risk will also be
affected.
The job losses come after the bank rebounded from its worst loss in a decade with a better-than-estimated third-quarter profit. SocGen said the cuts and the reorganisation of some of its businesses will contribute to its plan, announced in August, to lower costs by 450 million euros ($534 million) within its capital markets division by 2023.
The plan doesn’t include any forced cuts and will focus instead on voluntary departures and redeploying employees into new roles, the bank said. The initiative is subject to discussions with employee representatives, it said.