Societe Generale: French bank announces 1,600 job losses

By Lay off, Company

Societe Generale: French bank announces 1,600 job losses

The French bank Societe Generale is announcing major job cuts with 1,600 staff set to be laid off.

The majority of the cuts, 750 staff, come from the bank’s operations in France, according to the union which represents the bank’s employees.

Employees in London and New York are also set to depart as part of the bank’s plans to cut €500 million ($563 million) in costs which it announced in February following poor results in its trading unit, according to Reuters.

Business Insider

https://www.businessinsider.com/societe-generale-french-bank-announces-1600-job-losses-2019-4?utm_source=feedly&utm_medium=referral

French bank SocGen to cut 1,600 jobs in drive to lift profits – Reuters

https://www.reuters.com/article/us-france-societegenerale-redundancies/french-bank-socgen-plans-to-cut-1600-jobs-in-bid-to-buoy-profits-idUSKCN1RL0N5

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