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French banking group Societe Generale planning to cut 1,500 jobs: Report

The review is part of a plan to reduce costs by 500 million euros ($567 million), the bank said earlier this month on announcing its financial results

AFP | PTI  |  Paris 

Photo: Shutterstock
Photo: Shutterstock

French group is planning to cut 1,500 positions in its BFI corporate and investment arm, Le Figaro newspaper reported on Saturday.

Citing internal documents, the paper said the was looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with around 700 of them in

The company said in a statement on Saturday it was still reviewing activities in its corporate and investor client business so it was not possible to comment on the impact on jobs.

"We have an ongoing dialogue with our unions and will consult them on our projects and their impact as soon as the review is completed in the coming weeks," the said.

French could not confirm the information, but said the bank's management had on Thursday indicated it was still reviewing activities within that business.

The review is part of a plan to reduce costs by 500 million euros ($567 million), the bank said earlier this month on announcing its financial results.

Fournil said its management had pledged to get back to the union within "four to eight weeks" with more details.

reported higher-than-expected profits in 2018 but said it would adjust its targets and those of its for next year anticipating financial headwinds ahead.

First Published: Sun, February 24 2019. 06:15 IST
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