The cost-cutting effort will mostly affect fixed-income activities and associated support functions.
The cost-cutting effort will mostly affect fixed-income activities and associated support functions, SocGen’s French CGT labor union said on a web posting Friday, following a meeting with Chief Executive Officer Frederic Oudea.
“No one doubts that this may generate a very significant pullout from these activities,” the union said.
The bank’s top management contacts unions regularly and the meeting Friday is part of a “constructive dialog” established over several years, a SocGen spokesman said. Oudea said earlier last week that its too soon to comment on any job cuts at the investment bank.
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