Societe Generale bank to slash 1,600 jobs to boost profits

For its cost-cutting scheme, the French bank would slash 1,600 jobs globally, including around 750 in France.

Societe Generale (SocGen), one of France’s largest banks, announced Tuesday to cut 1,600 jobs worldwide as part of its reconstructing plan to boost profitability.

To ensure its profitable and sustainable growth, SocGen unveiled adjustment projects with which it would stop low-profit businesses such as proprietary trading and over-the-counter (OTC) commodity trading “to focus on investment and financing solutions, by drawing on its leadership in equity derivatives and structured products.”

For its cost-cutting scheme, the French bank would slash 1,600 jobs globally, including around 750 in France.

At home, “these job reductions would be made in accordance with the new employment agreement signed with all employee representatives, through internal mobility and natural departure and, in some perimeters, through a voluntary departure plan,” it said in a statement.

Job cuts abroad would be carried out in accordance with local regulations and practices, it added.