Plans to cut jobs in less profitable investment banking businesses.
Societe Generale is making a last-ditch effort to boost its performance after a trading slump threatened Chief Executive Officer Frederic Oudea’s targets.
Bloomberg News reports that the bank - recovering from regulatory probes that cost it billions of euros and a management reshuffle - plans to cut jobs in less profitable investment banking businesses to save at least $114m annually, people with knowledge of the matter said. The extent of the cuts may be made public as soon as next week, they said.
SocGen is seeking to bolster profitability after warning last month that revenue at its key global-markets and investor-services business slumped about 20 percent in the final three months of the year because of reduced client activity. France’s third-largest bank said it has been hurt by the “challenging markets environment in global capital markets” that will see revenue for the full year in the unit also fall about 10% from 2017.
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