Societe Generale (SOGN.PA), France’s No. 2 listed bank by value, is considering outsourcing 400 back-office jobs at its corporate and investment bank, according to internal memos seen by Reuters.
The plan, in which consulting company Accenture (ACN.N) would take on staff working mainly in custody and securities services, could be extended to other businesses, such as broader financing, the memos drafted by management and unions showed.
“(It is) a project to transfer 400 jobs … Accenture is asking that the transfer be mandatory,” one memo drafted by the CGT union said, adding that cost savings had been estimated at 90-160 million euros ($115-205 million).
Investment banks across the world, including Switzerland’s UBS (UBSN.VX) and Royal Bank of Scotland (RBS.L), are cutting jobs and overhauling business models to adapt to tougher regulations and the economic slowdown.
“There is a competitive advantage in pooling together investments,” said a memo drafted by SocGen management to present its new plan. “We need to be the drivers because if we don’t act, our competitors will.”…
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