Bloomberg - Top firm said drawing up plans for thousands of investment banking job cuts

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The bank could cut hundreds or even thousands of jobs at its global banking and investor solutions unit.

Bloomberg News reports that Societe Generale is drawing up plans to cut jobs at its investment bank and find a partner for its cash-equity business, in a bid to offset increasing cost pressure from regulation, people familiar with the matter said.

The bank could cut hundreds or even thousands of jobs at its global banking and investor solutions unit, including roles in support functions such as finance and human resources, one person familiar with the situation said, declining to be identified because the matter is confidential. Management are still weighing up which parts of the business would bear the reductions, they added.

Societe Generale declined to comment.

SocGen’s GBIS unit has more than 20,000 employees.

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

SocGen Weighs Thousands of Job Cuts at Investment Bank, Sources Say

Bruno Schroder, Link to a Bygone Age in London Banking, Dies at 86

 

 

 

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