SocGen plans 120 job cuts in Britain to save costs

This post was originally published on this site

PARIS (Reuters) – France’s third-biggest bank Societe Generale (PA:) is cutting more than 100 support function roles in its British business, in a cost-cutting plan that extends a broader group efficiency drive announced last year.

The efinancialcareers website reported that SocGen would cut 120 staff from its London-based middle and back office workforce.

“Societe Generale UK’s platform has proposed a local cost reduction plan impacting UK headcount, mainly across the support functions,” a spokeswoman for Societe Generale in London said.

She said the decision followed a local review.

According to its website, SocGen employs 3,646 employees across Britain. They straddle corporate, investment and private banking, asset management, prime brokerage and clearing services.

The bank’s management announced plans last year to cut 500 million euros ($543.55 million) in costs and to restructure its corporate and investment unit.

When reporting 2019 results last week, SocGen said it would reduce operating expenses in 2020 and maintain “rigorous cost discipline”.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment