Societe Generale to cut jobs

Societe Generale, seeking to restore growth and profitability, will deepen job cuts at its French consumer bank and take exceptional charges of about $678 million against fourth-quarter earnings.

Bloomberg News reports that as many as 900 reductions may take place as the domestic retail banking business cuts branch numbers, resulting in a charge of about 400 million euros, SocGen said in a statement. That’s on the top of the 2,550 positions the bank has already said it will eliminate. SocGen will book another exceptional expense related to three tax changes.

The unexpected charges were announced as SocGen CEO Frederic Oudea presents his third set of financial targets since the global credit crisis. The goals envisage progressive dividend growth and improved profitability, 3.6 billion euros of additional revenue within three years and the closure or sale of some businesses as the bank makes a push in tech investments and mobile banking.

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SocGen to Deepen French Job Cuts, Takes $678 Million Charge

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