SocGen’s Russian Unit Said to Cut Hundreds Of Back Office Jobs In Moscow

Societe Generale’s Russian consumer-banking unit, OAO Rosbank (ROSB), is cutting hundreds of back office jobs as it continues cost-reduction efforts, two people with knowledge of the matter said.

Bloomberg reports that Rosbank is eliminating the positions at its Moscow headquarters, the people said, asking not to be identified because the matter is confidential.

The Russian firm employs about 13,500 people. Officials at Societe Generale and Rosbank declined to comment when reached by telephone.

Societe Generale, France’s second-largest bank by market value aims to attain $1.16bn of cost savings by 2015 globally, with half the effort coming from its consumer-banking businesses, the Paris-based lender said May 7, without giving more details on Russian cost cuts.

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SocGen’s Russian Unit Said to Cut Hundreds of Jobs in Moscow

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