Traders brace for hit to jobs as top firm looks to capture costs

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The cost-cutting effort will mostly affect fixed-income activities and associated support functions.

Bloomberg News reports that one of Societe Generale’s main French labor unions is bracing for an “important” hit to headcount in trading after the bank announced $570m in fresh cost reductions.

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:

SocGen French Union Braces for ‘Important’ Hit to Trading Staff

BofA Is Said to Hire New Head at S. Africa Global Markets Unit

 

 

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