In a bid to bolster profitability, French banking group Societe Generale is set to shed around 125 jobs in France, mostly in trading operation but private banking business will not be affected by this move.
The move will lead to 90 layoffs in the market activities of the bank’s global banking and investor solutions unit, the Paris-based lender said in a statement.
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Around 35 jobs will be axed at the bank’s Lyxor asset-management division.
The bank said that most of the redundancies will be made through voluntary departures.
Last month, Societe Generale CEO Frederic Oudea outlined the bank’s plans to accelerate cost-cutting in various divisions such as global banking and investor-solutions.
The business also includes prime brokerage, asset management and wealth management operations, and will contribute to 38% of the EUR850m in cost cuts targeted by the bank by 2017.
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