Societe Generale to Cut 640 Jobs, Mostly at Investment Bank
- Bank to cut capital markets costs by more than $500 million
- Reductions part of move to exit risky products that backfired
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Societe Generale SA plans to cut 640 jobs in France, mainly at its investment-banking operations, as Chief Executive Officer Frederic Oudea moves the bank away from risky products that backfired in the first half.
Part of the reduction relates to SocGen’s decision to stop trading in complex structured equities products, the bank said in a statement on Monday. The securities business as well as compliance and risk operations will be affected.