Figaro puts SocGen's investment banking job losses at up to 1,500

Societe Generale

Societe Generale could shed 1,500 investment banking jobs as part of a cost-cutting plan, French newspaper Le Figaro reported.

In its Saturday edition the paper said the cuts would reduce SocGen’s global investment banking headcount by 7.5%. France-based staff would be the hardest hit, with more than 700 jobs on the line, the paper said, citing an internal document.

SocGen had said earlier this month it planned to restructure its investment banking activities as it looks for 500 million euros (£434.42m) in savings. But the bank says no decisions have yet been taken about layoffs.

A spokesman for the bank said on Sunday: “The review of our global banking and investor solutions activities is progressing as planned and so it is not possible at this point to evaluate the consequences in terms of jobs.”

SocGen could cut 1,500 investment banking jobs - Le Figaro

Danske bolsters board as U.S. expands money laundering investigation

 

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...