SocGen said to close research unit

Societe Generale shut its energy and commodities research unit in Paris this week, according to people with knowledge of the matter.

Bloomberg News reports that Thierry Bros, who covered European gas and LNG, and Paolo Coghe a European power, coal and emissions analyst, were among the people who are leaving, said the people who asked not to be identified because the details are private. SocGen will continue to cover global oil markets from New York.

Societe Generale said in April that it’s planning to cut 125 jobs in France, with the deepest reductions at its trading operations, as tougher regulation is squeezing profitability. Chief Executive Officer Frederic Oudea also deepened cost cuts by another $246m in the global banking and investor solutions units by the end of next year in addition to already announced savings of around $1bn and $946.7m, respectively.

Corentin Henry, a spokesman for the bank in Paris, declined to comment.

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Societe Generale Said to Close Energy Research Unit in Paris

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