Société Générale has announced 1,600 job cuts as part of a plan to eliminate €500m in costs after missing its financial targets due to poor performance in its trading unit.

The investment bank will be hardest-hit, losing about 1,200 positions, with 750 of the reductions to come in France and hundreds more in the bank’s international hubs in London and New York. The cuts represent about 8 per cent of the investment bank’s 20,000-strong workforce.

SocGen will retrench to its “areas of strength” where it has “sustainable and differentiating competitive advantages,” such as equity derivatives and structured finance, according to a statement on Tuesday. This will allow it to “draw on its financial engineering expertise that forms the core of its DNA.”

It will close

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