SocGen Plans 700 Paris Job Cuts After Tough First Quarter, Sources Say
- French bank also seeking to make cuts in London and New York
- SocGen said to experience difficult first quarter in trading
This article is for subscribers only.
Societe Generale SA plans to cut as many as 700 jobs in Paris and eliminate hundreds more positions in London and New York after experiencing a difficult first-quarter in investment banking, people with knowledge of the matter said.
The French bank is speeding up staff reductions at its headquarters after tough trading conditions persisted into the new year and may announce the cuts as soon as next week, the people said, asking not to be identified as the matter is private. Bruno Benoit, head of the key fixed income and currencies trading unit, is among high-profile executives to leave the firm, they said.