Societe Generale, France's third-largest bank, unveiled on Tuesday a plan t...
PARIS - Societe Generale, France’s third-largest bank, unveiled on Tuesday a plan to cut 1,600 jobs, mainly at its corporate and investment banking arm, in a bid to buoy profitability after last year’s poor performance.
SocGen had announced it would cut 500 million euros in costs at its corporate and investment banking in early February after its fourth quarter results were hit by a steep market downturn, which in turn forced it to lower both profitability and revenue growth targets. In February, Cabannes had admitted the cost-cutting plan would lead to job cuts at the unit which employs 18,000 people in 30 countries, but had refused to be specific until now.The other job cuts will be carried out abroad, mainly in New York and London, where the bank may fire people.As part of the restructuring, SocGen will stop some businesses such as proprietary trading altogether.
Although shares of other major European banks have bounced back this year, SocGen shares are still down by more than three percent amid concerns over solvency and profitability. The stock has lost more than 39 percent over the past 12 months.
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French bank SocGen plans to cut 1,600 jobs in bid to buoy profitsSociete Generale, France's third-largest bank, unveiled on Tuesday a plan to cut 1,600 jobs, mainly at its corporate and investment banking arm, in a bid to buoy profitability after last year's poor performance.
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