PARIS: Societe Generale SA is cutting about 1,600 jobs, mostly at its key investment-banking unit, after a trading revenue slump pushed chief executive officer Frederic Oudea to intensify efforts to improve the key unit’s performance.
The reductions include close to 1,200 positions at the global banking and investor solutions division, which houses its trading activities, the CGT union of SocGen’s French employees said earlier, citing a briefing by the bank. About 750 jobs will be cut in France, SocGen said.
