SocGen to shut India equities research desk

The Mumbai-based desk employed four people who were all offered the option to relocate to Bengaluru to join the bank's offshore equities research operations.

Societe Generale, France's second-biggest bank by market value, will shut its equities research desk in India as part of the bank’s internal reorganisation, a spokeswoman said on Thursday.

The Mumbai-based India equities research desk employed four people, she said, and they were all offered the option to relocate to Bangalore to join the bank’s offshore equities research operations.

The French bank, whose other operations in India include corporate and investment banking and trade finance, employs 120 people in its India banking operations and about 6,000 in its back-office centres in southern Bangaluru and Chennai.