Societe Generale said on Monday it plans to eliminate 125 jobs in France in its financing and investment banking.
The French Bank Societe Generale has announced earlier today, Monday, that it plans to cut 125 jobs in France in its financing and investment banking. The bank which has higher regulatory constraints and profitability has “eroded” because of certain market activities. Since last night, the CGT said in a leaflet that the bank planned to cut 128 jobs as part of a backup plan of employment in its financing and investment banking.
— Les Echos (@LesEchos) April 4, 2016
“No forced departure”
“the elimination of approximately 90 positions in France in the market activities of Société Generale and around 35 jobs in France at Lyxor will be filed on April 4th to the information-consultation of representative bodies in the coming weeks “, confirmed Societe Generale in a statement. It specifies that these job cuts would be implemented ” without redundancies or forced departure” through internal mobility measures or measures of voluntary redundancy. The bank had announced in August a plan for additional savings of 850 million euros by the end of 2017 after having already cut costs by 900 million over the 2013-2015 period.