Cost-cutting review: The Societe Generale headquarters at the financial and business district of La Defense near Paris. The bank is studying ways to save US$662mil in annual costs from its Paris operations. — Reuters
PARIS: Societe Generale SA is studying ways to save €600mil (US$662mil) in annual costs tied to its operations in Paris, part of an effort to win back investor confidence and improve returns.
The review, known internally as “Ithaque”, started in June, according to a source. No decision has been made and the savings target may still change, said the source.
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