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.
Hit the link below to access the complete Bloomberg News article: