Societe Generale to cut 125 jobs

French banking group Societe Generale will trim 125 jobs, it said.

Jobs are to be mostly cut in trading activities – 90 jobs – to meet stricter regulation demands and due to profitability dropping in some business lines.

The bank said 35 positions will be trimmed as well at SocGen’s investment arm Lyxor Asset Management.

Societe Generale’s plan relies on voluntary departures, the firm is trying to avoid forced dismissals.

Last August, the bank announced a cost cutting plan, targeting to save €850m by 2017.

ABOUT THE AUTHOR
Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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