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French bank SocGen to cut about 900 jobs at Paris head office

PARIS (Reuters) -Societe Generale plans to cut about 900 jobs at its Paris headquarters through voluntary departures, France's third-biggest listed bank said on Monday, adding to a wave of job losses in the global financial industry. The planned cuts, which will be submitted to SocGen's trade unions, represent less than 2% of the bank's total workforce and about 5% of staff at its headquarters. "The objective is to group and pool certain activities and functions, remove hierarchical layers to streamline decision-making, and resize certain teams due to reviews of projects or processes," SocGen's statement said.

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French Bank SocGen To Cut About 900 Jobs At Paris Head Office

The job cuts will mostly target IT and other support functions at the lenders headquarters in La Defense business district in the French capital, the sources said.

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Société Générale Looking Into Sale Of BRD

France’s Société Générale Group is looking into the opportunity of selling BRD, the third largest bank in Romania and hired JP Morgan to handle it, banking market sources say.

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SocGen downgrades India and Indonesia stocks on election risks

The elections are coming when India is weathering a “moderating” economic outlook, strategists including Frank Benzimra and Rajat Agarwal wrote in a Nov. 29 note, expecting a pause in their outperformance. The European bank slashed India to neutral from overweight, while downgrading Indonesia to underweight on weak earnings outlook and political uncertainty.

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Third-quarter profits tumble at SocGen

Societe Generale reported a slide in quarterly revenues and profits on Friday, dragged lower by a weaker performance at its retail bank.

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Gold to hit $2k by end of 2023, reach $2,200 an ounce in 2024 as dollar weakens - SocGen

Gold to hit $2k by end of 2023, reach $2,200 an ounce in 2024 as dollar weakens - SocGen
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SocGen shares sink as new CEO unveils strategy

Slawomir Krupa met with investors, analysts and journalists for several hours, laying out what he called a 'realistic' road map that 'Societe Generale needs, a road map where the promises are less important than the capacities to attain them.'

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SocGen reduces its MAPS gold exposure to 5% as equity strength continues

SocGen reduces its MAPS gold exposure to 5% as equity strength continues
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SocGen equity strategists upbeat on S&P 500 near-term, cautious into 2024

Firm raises its end-of-year target to 4,750

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French Finance Ministry: declines to comment on sharp drops in French bank stocks

Read more about French Finance Ministry: declines to comment on sharp drops in French bank stocks on Devdiscourse

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