SocGen said planning job cuts

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French bank Societe Generale plans to cut 375 jobs across Europe in its securities-services business, a staff union said in a newsletter posted online after meeting with management.

Reuters reports that the cuts will mostly hit French staff, while around 100 jobs in Italy, Luxembourg, Germany and Ireland are being targeted as part of the plan, the newsletter said.

A second union source confirmed to Reuters that management had said around 275 jobs in France were at risk.

SocGen plans 375 job cuts across Europe: union

In the meantime, Reuters also reports that Societe Generale and Credit Agricole have agreed an asset swap in a bid to narrow their business focus, part of efforts to improve their investor appeal in a tough economic and regulatory climate.

Like many firms across Europe, both banks are under pressure to find new strategies to cut costs and better compete for market share as new curbs on risk taking hike the cost of doing business and as a fragile recovery at home saps revenue.

SocGen, Agricole agree asset swap in strategy shift

image: © Torpe

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