Societe Generale to Cut 1,600 Jobs Amid Restructuring

   By Nathan Allen

Societe Generale SA France (GLE.FR) said Tuesday that it is launching two restructuring projects that could lead to up to 1,600 jobs being cut from its global operations.

The French bank said it plans to revamp its global-banking and investor-solutions businesses, and modify the organizational structure of its international retail banking and financial-services activities in a push to boost profitability.

As part of the shakeup, Societe Generale will close its over-the-counter commodities business and its proprietary-trading subsidiary, while sharpening its focus on equity derivatives and structured products.

The bank said it plans to merge two business units in its financing-and-advisory portfolio and cut costs in its asset-and-wealth-management businesses.

Around 750 of the job losses will be in France, the bank said.

Societe Generale said it has submitted the plans to unions and expects negotiations to close by the third quarter.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 09, 2019 03:20 ET (07:20 GMT)

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