SocGen to cut 128 jobs in global-banking division

[PARIS] Societe Generale SA is preparing to eliminate 128 jobs in its global-banking and investor-solutions division as part of a cost-cutting plan announced last year, Reuters reported, citing the CGT labour union.

The union didn't specify a time frame for those reductions, and a company spokesman declined to comment, according to the report. A spokesman for the bank didn't immediately respond to a message left by Bloomberg outside normal business hours.

The division, which includes Societe Generale's corporate and investment bank as well as prime brokerage, asset management and wealth management businesses, makes up 38 per cent of 850 million euros in cost cuts (S$1.31 billion) that the company plans to achieve in 2017. Last month, chief executive officer Frederic Oudea said it's possible the firm may seek to accelerate the expense-control efforts as it adjusts to stiffer regulation.

Societe Generale said in September its investment-banking and securities operations would eliminate about 230 jobs in support functions in its home country of France starting this year, and that it would seek to make those reductions without forced departures. The lender also has been cutting thousands of jobs in its retail unit, where the firm is encouraging customers to bank online.

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