(Bloomberg) -- Societe Generale SA is cutting about 25 investment banking jobs in Frankfurt as part of a companywide redundancy program.
The cuts affect the leveraged finance team as well as staff working on mergers and acquisitions, people familiar with the matter said. The French lender also closed the desk dedicated to advising on deals in the chemicals industry and a handful of people -- including the global head of chemicals, Christopher Riley -- have left, the people said, declining to be identified because the information is private.
SocGen employs about 350 investment bankers in Germany’s financial capital and is currently integrating about the same number of employees from the acquisition of Commerzbank AG’s EMC market business. The cuts now being implemented are part of the bank’s previously announced plan to reduce 1,600 jobs globally, a spokesman said by email, declining to provide more details.
About a third of those affected in Frankfurt will be given new roles in the bank, according to the people.
Chief Executive Officer Frederic Oudea has been cutting costs and selling assets as the bank seeks to shore up its finances after a surprise profit warning in January. He’s seeking to preserve the bank’s equity derivatives business while exiting or cutting some fixed-income activities.
Riley is the husband of Christiana Riley, a Deutsche Bank investment banker who recently was appointed head of the lender’s U.S. operations. She is set to join the management board once she’s obtained regulatory approval.
Christoper Riley didn’t respond to a LinkedIn message.
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