Advertisement

French banking giant Societe Generale 'to cut 1,600 jobs'

AFP
AFP - [email protected]
French banking giant Societe Generale 'to cut 1,600 jobs'
Photo: AFP

French banking giant Societe Generale is planning to cut 1,600 jobs, mainly in its BFI corporate and investment banking arm, union sources have said.

Advertisement

Around 700 cuts would come in France, at both the BFI unit and in retail banking and international financial services, the CFDT and CFT unions said.
   
Those cuts would be made via a programme of voluntary departures, CFDT representative Khalid Bel Hadaoui told AFP, adding that "each year brings with 
it a number of job cuts."
   
The news had been expected because Societe Generale had already unveiled a plan to reduce costs by around €500 million by 2020 to 
increase profitability of its market activities.
   
Societe Generale reported higher-than-expected profits in 2018 but said it would adjust its targets and those of its investment bank as it anticipated financial headwinds ahead.  
 
The bank has a global workforce of around 148,000, of whom about 20,000 worked at BFI.

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also