Take the money and run ?
eFinancialCareers reports that there's good news for anyone who wants to leave SocGen and didn’t get a chance to claim the bank’s extremely generous voluntary redundancy packages in 2012: they’re allegedly on offer again.
Michel Marchet, a representative of the French CGT union told the career site that SocGen’s bankers have negotiated the same terms as previously for what Reuters says are 600-700 job cuts to come in the bank’s ‘central offices’. The new cuts are expected to be mostly voluntary.
In 2012, SocGen encouraged its bankers to take voluntary redundancy by paying them a minimum of $39,000 and a maximum of $390,000, depending upon their pay and length of service.
The scheme was so generous that it ended up massively oversubscribed: 2,200 people wanted to leave SocGen, but only 800 were accepted.
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image: © Tax Credits