May 16, 2012 / 6:11 AM / 8 years ago

SocGen redundancy plan heavily oversubscribed - report

PARIS, May 15 (Reuters) - French bank Societe Generale is to limit its voluntary redundancy plan in France after receiving too many requests from employees, French daily Les Echos reported on Wednesday without citing its sources.

SocGen, which plans to cut around 880 jobs from its corporate and investment banking operations in France, wants to restrict the plan to front-office employees such as traders and their teams, after receiving 2,200 requests since the beginning of April.

Societe Generale is in the midst of a restructuring aimed at reassuring jittery investors and meeting Europe’s new stringent capital rules.

Out of the 2,200 requests, 638 applications have already been approved, the newspaper said.

Societe Generale was not available for comment. (Reporting by Elena Berton and Alexandre Boksenbaum-Granier; Editing by Dan Lalor)

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