SocGen said cutting jobs

Axe In Wood

Firm targeting 420 voluntary departures.

Reuters News reports that French bank Societe Generale, which is attempting to finalise a plan to cut up to 700 mainly back-office jobs at its Paris headquarters, is targeting around 420 voluntary departures as part of the plan, union officials have told their members in a newsletter.

The bank is also eyeing a transfer of staff to Romania to help save costs, the CGT union's online newsletter said, as the lender begins a push to cut expenses and lift profit amid a still-uncertain recovery for the euro zone.

'Employees are in no rush to take up voluntary departures… for the 420 voluntary departures that need to be filled, only 170 responses have been received,' the CGT union newsletter said.

SocGen has also asked consultancy Accenture to work on details of the plan to transfer staff to Romania, the union said. French newspaper Les Echos said around 200 jobs would be transferred.

To view the complete Reuters article hit the link below.

SocGen eyeing 420 voluntary departures - union 

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