The major French bank Société Générale will lay off the workforce in its investment banking business after disappointing results. This is what insiders say to the financial group against the Bloomberg news agency, without mentioning the exact numbers.
According to reports, Société Générale wants to save more than 100 million euros in costs every year, possibly even more. The announcement of job losses and the size may be published next week, according to the sources. On February 7, the French bank publishes results.
Earlier this month, Société Générale came up with a sales warning for the divisions involved in securities trading because of the turmoil on the financial markets. According to the bank, turnover for these parts will be 20 percent lower in the fourth quarter than a year earlier.