Bloomberg News

Societe Generale Reaches French Job-Cuts Target at CIB Unit

June 26, 2012

Societe Generale SA (GLE), France’s second-largest bank by market value, has reached its goal of 880 voluntary staff departures at its corporate- and investment- banking unit at home, a union official said.

“The management attained its quotas” for CIB job cuts in France, said Michel Marchet, a CGT union representative at the Paris-based bank.

About 680 people are leaving the group while about 200 are moving to other positions within the bank, he said. Helene Mazier, a Societe Generale spokeswoman, declined to comment when reached by phone today.

Societe Generale, along with rivals BNP Paribas SA (BNP) and Credit Agricole SA (ACA), is cutting assets and shrinking costs at its CIB unit to cope with stricter Basel III capital rules and as Europe’s debt crisis trimmed funding options last year, especially in dollars.

The top three French banks’ CIB units are cutting 1,800 jobs at home.

Societe Generale is cutting about 1,580 CIB jobs worldwide. In France, the unit is reducing 463 back-office positions and 416 front-office jobs, mostly sales staff, as part of the voluntary departure plan, Marchet said.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net


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