Wednesday, 20 October, 2021

SocGen plans to cut 1,600 jobs in bid to buoy profits

PARIS: Societe Generale, France's third-largest bank, unveiled on Tuesday a plan to cut 1,600 jobs, mainly at its corporate and investment banking arm, in a bid to buoy profitability after last year's poor performance.

SocGen had announced it would cut 500 million euros (US$563 million) in costs at its corporate and investment banking in early February after its fourth quarter results were hit by a steep market downturn, which in turn forced it to lower both profitability and revenue growth targets, report agencies.

"Since early February, we have carried out a review of all the activities of corporate and investment banking.