French banking giant Société Générale revealed on Tuesday it would cut at least 1,000 jobs worldwide, in an effort to find almost €1 billion in savings by 2015. The announcement comes as the bank’s first-quarter profit fell by half.
French bank Société Générale reported on Tuesday that first-quarter net profit fell by half to €364 million and said it would save €900 million by 2015 with the loss of more than 1,000 jobs worldwide.
The cost cuts are in addition to cuts of €550 million effected last year.
General manager Jean-Francois Sammarcelli, when asked on French BFM Business radio if the bank expected to shed more than 1,000 jobs, replied that the figure would be substantially higher.
He said that the cuts would include the loss of about 550 jobs at the bank’s headquarters in Paris.
Chosen excerpts by Job Market Monitor
via French banking giant SocGen to cut 1,000 jobs – The Local.
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