SocGen plans to cut trading heads

'Optimizing the use of its scarce resources'.

Bloomberg News reports that Societe Generale said it plans to cut about 125 jobs in France, mostly at its trading operations, as stricter market regulations squeeze profitability.

France’s second-largest bank by market value aims to eliminate 90 jobs in its trading business in France as well as about 35 positions at its Lyxor asset-management unit, the Paris-based bank said in a statement on Monday. Societe General plans to cut headcount largely through voluntary departures, while avoiding forced dismissals.

"Societe Generale needs to adapt its model in order to focus on its core activities and to optimize the use of its scarce resources,” the bank said. "The profitability of market activities in particular is under pressure in some segments.”

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SocGen Sees About 125 French Job Cuts Amid Profit Pressure

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