SocGen to cut 640 jobs in France, no forced redundancies

The bank, which employs more than 138,000 workers in 62 countries, said the plan would concern market activities and associated functions and would help reduce costs by about US$535mil by 2022-2023.

PARIS: French bank Societe Generale (SocGen) plans a net reduction of about 640 positions in France but there would be no forced redundancies.

The bank, which employs more than 138,000 workers in 62 countries, said the plan would concern market activities and associated functions and would help reduce costs by about €450mil (US$535mil) by 2022-2023.French business newspaper Les Echos reported yesterday that the cuts would be mainly in the investment banking division.