French multinational banking company Societe Generale is to axe 375 jobs across Europe in its securities-services business to offset the cost of new curbs on risk.

According to a Reuters’ report, the majority of the cuts will include French staff, while around 100 jobs are being targeted in Italy, Luxembourg, Germany and Ireland.

Additionally, around 275 jobs in France are also at risk.

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

As part of the plan, the bank is also planning to cut up to 700 mainly back-office jobs at its Paris headquarters and is targeting around 420 voluntary departures.