Societe Generale  to cut 1,600 jobs in drive to lift profits
  • ECONOMY

  • 17:42 09 April 2019

Societe Generale to cut 1,600 jobs in drive to lift profits

Societe Generale plans to cut 1,600 jobs, mainly at its corporate and investment banking arm, in an attempt to boost profits after a poor performance last year, France’s third-largest bank said on Tuesday, ONA reports citing Reuters.

The move is part of a plan announced in February to cut 500 million euros ($563 million) in costs in corporate and investment banking after a steep market downturn forced it to lower revenue and profitability targets.

“Since early February, we have carried out a review of all the activities of corporate and investment banking. Our goal is to restore the business’ profitability above the cost of capital,” said Severin Cabannes, SocGen’s deputy CEO and the head of its corporate and investment banking arm.

The bank, which employs 18,000 people in 30 countries in corporate and investment banking, said it would cut 750 jobs in France, where all redundancies will be voluntary. People will be offered a financial incentive or another job within the bank.

RELATED NEWS