Société Générale Confirms the Abolition of 1,600 Jobs, Including Approximately 750 in France

Societe Generale confirms the elimination of 1,600 jobs worldwide, including around 750 in France.

Because it wants to reduce the size of its market activities, Société Générale will cut 1,600 jobs worldwide, including around 750 in France.

The Société Générale announced Tuesday, April 9, 2019 the removal of 1,600 jobs worldwide , including about 750 in France , wishing particularly trim in its market activities.

In France, these job cuts that also concern the headquarters of international retail banking activities will be “for some perimeters, as part of a voluntary redundancy plan,” the bank said in a statement.

Return to profitability

This plan, presented Tuesday to the trade unions, must allow the bank to regain profitability , especially on market activities.

For example, it plans to “close its proprietary trading subsidiary,” investing in the markets with the bank’s funds, not on behalf of clients.

In financing and advisory activities, the bank will consolidate customer relations and investment banking activities as well as financing activities into a single unit.

“Every year brings its share of job cuts,” reacted Monday Khalid Bel Hadaoui, delegate CFDT Societe Generale.

In 2015, the bank launched a major transformation plan for its retail bank in France, designed to maintain profitability while responding to the digital evolution of the sector and the uses of its clientele.

Like European banks, Société Générale  is facing a decline in the profitability of its activities due to low sustainable rates. Regulatory requirements also require him to set aside a certain proportion of his capital to cover the risks inherent in his activities.

Société Générale  employs 148,000 people worldwide, including 20,000 in corporate and investment banking.

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