French Bank SocGen Plans to Reduce Almost 2,000 Jobs

One of the largest banks in France Societe Generale announced on Tuesday its plans to reduce 1,600 jobs mainly in the areas of corporate and investment banking in order to increase the profitability of the enterprise.

As the fourth quarter results were lower than expected due to a sharp economic downturn, SocGen announced its intention to cut costs by EUR 500 million (USD $563 million).

These measures are taken by the bank in order to increase the profitability of this financial institution as well as to modernise it in connection with the development of digital technologies and services.