Societe Generale pledges further cost cutting

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A weak start to the year in investment banking.

Societe Generale has pledged further cost cuts this year as it seeks to reassure investors that its diversified business could withstand a weak start to the year in investment banking.

Reuters reports that the bank on Wednesday announced additional cost cuts of $253m at its global banking and investor solutions division, in the face of market volatility in the beginning of the year.

The new cuts take the total planned cost savings to more than $574.8m by next year.

As part of the plan, it aims at exiting or restructuring a few non-profitable activities, such as UK government bonds primary dealership, mortgage-backed securities sales and trading desk.

To access the complete Reuters article hit the link below:

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