CNN reports that Societe Generale has confirmed that it to close its Asian equity sales and research businesses with the loss of around 180 jobs.
A spokesman for the French bank said: 'Each business within SG has a plan, objectives and targets and, given the current market conditions, these objectives could not be met.' The bank will not close of any of its Asian offices, however, and will hold on to its securities licenses in order to continue to trade equity derivatives and warrants and undertake program trading.
SG tried hard to make its equities businesses in Asia work and restructured units in the region only eleven months ago. Market volumes have been weak for some time, however, and the bank is not one of the big players in the area, ranked only 16th in this month's Asiamoney trade magazine Asian research and sales operations survey.
The bank will have around 1,700 staff in the region after the latest cuts have been implemented.