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SocGen plans 375 job cuts across Europe: union
November 6, 2013 / 6:29 PM / 4 years ago

SocGen plans 375 job cuts across Europe: union

PARIS (Reuters) - French bank Societe Generale (SOGN.PA) plans to cut 375 jobs across Europe in its securities-services business, a staff union said in a newsletter posted online after meeting with management.

The logo of French bank Societe Generale is seen on a building in the financial district of La Defense near Paris August 1, 2013. REUTERS/Benoit Tessier

The cuts will mostly hit French staff, while around 100 jobs in Italy, Luxembourg, Germany and Ireland are being targeted as part of the plan, the newsletter said. A second union source confirmed to Reuters that management had said around 275 jobs in France were at risk.

A SocGen spokeswoman was not immediately available for comment.

SocGen, France’s No. 2 listed bank, is in the midst of a drive to slash costs and cut staff to offset the cost of new curbs on risk and a still-uncertain economic recovery in Europe.

Securities services, or custody services, offers settlement, safekeeping and reporting of customers’ securities.

The bank is separately finalizing a plan to cut up to 700 mainly back-office jobs at its Paris headquarters and is targeting around 420 voluntary departures as part of the plan, union officials have said.

It will report third-quarter results on Thursday.

Reporting by Lionel Laurent; Editing by Leila Abboud

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