Societe Generale plans to cut 1,600 jobs, mainly at its corporate and investment...
PARIS - Societe Generale plans to cut 1,600 jobs, mainly at its corporate and investment banking arm, in an attempt to boost profits after a poor performance last year, France’s third-largest bank said on Tuesday.
“Since early February, we have carried out a review of all the activities of corporate and investment banking. Our goal is to restore the business’ profitability above the cost of capital,” said Severin Cabannes, SocGen’s deputy CEO and the head of its corporate and investment banking arm. Bruno Benoit, the head of Fixed Income & Currencies at SocGen’s markets unit, is leaving the bank, it said.“SocGen does not have a choice: increased regulation, high capital requirements and very intensive capital demand to run trading businesses make it a business not profitable,” said Clairinvest fund manager Ion-Marc Valahu.SocGen will also close some businesses, such as Descartes proprietary trading, and downsize others.
Although shares of other major European banks have bounced back this year, SocGen’s are down by more than three percent so far in 2019 amid concerns over solvency and profitability. The stock has lost more than 39 percent over the past 12 months.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
French lender Societe Generale announces massive job cuts after terrible 4th quarterFrench lender Societe Generale is set to cut 7.5% of its global headcount as part of a cost cutting move designed to shore up profits at the bank.
Read more »
French bank SocGen plans to cut 1,600 jobs in bid to buoy profitsSociete Generale, France's third-largest bank, unveiled on Tuesday a plan to cut 1,600 jobs, mainly at its corporate and investment banking arm, in a bid to buoy profitability after last year's poor performance.
Read more »
French bank SocGen plans to cut 1,600 jobs in bid to buoy profitsSociete Generale, France's third-largest bank, unveiled on Tuesday a plan t...
Read more »
US skyscrapers kill 600 million -- yes, million -- birds every yearAround 600 million birds die every year in the United States after striking tall buildings, according to new research
Read more »
Argentina: Bodies of 600 disappeared wait to be identifiedArgentine Forensic Anthropology Team urging more relatives of those forcibly disappeared during the military dictatorship to give blood samples to identify unnamed bodies, almucalatrava, lionreport and tomifcuesta report.
Read more »
A woman who studied 600 millionaires says successful investors have the same 5 traits — but the wealthiest among them do one thing differentlyMillionaire investors spend more time studying and planning for future investments to build wealth, according to one researcher.
Read more »
Russia warns U.S. to not “look for excuses to start a new conflict” after report claims Iran killed 600 U.S. troopsRussia doubts a U.S. report alleging that Iran was behind the deaths of 608 U.S. troops in Iraq and pointed to the hundreds of thousands of civilians killed since the 2003 invasion.
Read more »
French 'yellow vest' protests largely peacefully as Macron wraps up debateThousands of demonstrators took to the streets of Paris and other French cities ...
Read more »
French ‘yellow vest’ protesters hit the streets for the 21st weekendThe yellow vest movement, demanding social and economic justice, has attracted dwindling crowds but still remains a challenge to French President Emmanuel Macron.
Read more »
French 'yellow vest' protests largely peaceful as Macron wraps up debateThousands of demonstrators took to the streets of Paris and other French cities ...
Read more »