Societe Generale Plans to Cut 650 Jobs, Les Echos Reports
Societe Generale Plans to Cut 650 Jobs, Les Echos Reports
(Bloomberg) -- Societe Generale SA will announce 650 job cuts on Monday, mainly at its investment-banking operations, newspaper Les Echos reported, without saying where it obtained the information.
The job losses would come after the bank reported a better-than-estimated third-quarter profit following its worst performance in a decade in the preceding three months. In August, the company said it aimed to cut 450 million euros ($534 million) of costs within its capital-markets division by 2023.
Most of the cuts will be made in the back office in the Paris region, but around 100 traders could be targeted by the plan, Les Echos said, without naming its sources. Market operations will be the worst hit and the securities-services division will also be targeted.
SocGen declined to comment on the report.
Les Echos said the bank’s management told employee delegates that there would be no forced departures as the plan would focus on voluntary redundancies and redeployment into new roles.
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