Societe Generale plans 550 job cuts

Societe Generale is to cut 550 jobs over the next five years.

The bank confirmed it is targeting 550 job reductions in the back offices of its French retail banking network, resulting in the closures of six out of 20 locations.

The French bank said the plan would not rely on mandatory redundancies.

The move is part of plans to cut costs in retail and invest in digital banking.

Read more: Lloyds is axing more jobs and closing branches

It is the latest bank to announce job cuts this year, following the likes of Lloyds, Barclays and Goldman Sachs.

In February, it emerged that more than a thousand jobs will go at Lloyds and 29 branches closed in the latest round of cuts, designed to reduce its workforce by 10 per cent by 2017.

Last Friday, it emerged that Goldman Sachs is planning to cut between five and 10 per cent of staff in its its fixed income and currency trading business. And last month, Deutsche Bank said it was cutting 75 jobs from its fixed income division, which is split between London and New York.

In January, Barclays confirmed plans to cut hundreds of jobs as it announced plans to pull out of some emerging markets. It was reported in the same month that Credit Suisse plans to slash costs by hundreds of millions of pounds in an effort to reduce its London office could affect 1,800 staff.

Full story: Societe Generale plans 550 job cuts: City A.M.

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