Societe Generale 'planning 1,580 job cuts'

5 January 2012

Societe Generale has revealed it is looking into the possibility of cutting 1,580 jobs from its corporate and investment banking division.

The French financier - which was established in 1864 - is set to make around ten per cent of its staff in this area of its business redundant as part of its plans to revamp the company's management structure.

According to the bank, 880 of these job losses will come through voluntary redundancies from its offices in France, with the remaining 700 being implemented elsewhere around the world.

Recently, Societe Generale's main domestic rivals Credit Agricole and BNP Paribas announced they would be shedding 2,350 and 1,396 jobs respectively as French banks struggle to cope with the impact of the eurozone debt crisis.

However, despite the redundancies in one area of its business, Societe Generale is still making provisions to hire an additional 2,500 members of staff in 2012 to work in its consumer lending division.

By Gary Cooper

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