SociÃ©tÃ© GÃ©nÃ©rale - Finlabo Research Equity Report: Fundamental and Technical Analysis and 6 months performance forecast
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Societe Generale Eyes 420 Voluntary Departures-Reuters News
Reuters News reported that Societe Generale, which is attempting to finalize a plan to cut up to 700 mainly back-office jobs at its Paris headquarters, is targeting around 420 voluntary departures as part of the plan, union officials have told their members in a newsletter. The Company is also eyeing a transfer of staff to Romania to help save costs, the CGT union's online newsletter said, as the Company begins a push to cut expenses and lift profit amid a still-uncertain recovery for the euro-zone. Employees are in no rush to take up voluntary departures, and for the 420 voluntary departures that need to be filled, only 170 responses have been received, the CGT union newsletter said. Societe Generale has also asked consultancy Accenture to work on details of the plan to transfer staff to Romania, the union said. French newspaper Les Echos said around 200 jobs would be transferred. Reuters reported in April 2013 that Societe Generale was mulling up to 700 job cuts, a plan that was subsequently confirmed by the management of the Company in May 2013. A Societe Generale spokeswoman said it was too early to provide detailed numbers on the voluntary departure plan, which was proceeding normally and in line with agreements with staff.
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