France's Societe Generale to cut 1,500 jobs

France's Societe Generale to cut 1,500 jobs
PHOTO: AFP

French banking group Societe Generale is planning to cut 1,500 positions in its BFI corporate and investment banking arm, Le Figaro newspaper reported on Saturday.

Citing internal bank documents, the paper said the bank was looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with around 700 of them in France.

The company said in a statement on Saturday it was still reviewing activities in its corporate and investor client business so it was not possible to comment on the impact on jobs.

"We have an ongoing dialogue with our unions and will consult them on our projects and their impact as soon as the review is completed in the coming weeks," the bank said.

French CGT union representative Philippe Fournil could not confirm the information, but said the bank's management had on Thursday indicated it was still reviewing activities within that business.

The review is part of a plan to reduce costs by 500 million euros ($765.6 million), the bank said earlier this month on announcing its financial results.

Fournil said its management had pledged to get back to the union within "4 to 8 weeks" with more details.

Societe Generale reported higher-than-expected profits in 2018 but said it would adjust its targets and those of its investment bank for next year anticipating financial headwinds ahead.

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