February 13, 2020 / 11:52 AM / 2 months ago

SocGen plans 120 job cuts in Britain to save costs

FILE PHOTO: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris, France, February 4, 2020. REUTERS/Benoit Tessier/File Photo

PARIS (Reuters) - France’s third-biggest bank Societe Generale (SOGN.PA) is cutting more than 100 support function roles in its British business, in a cost-cutting plan that extends a broader group efficiency drive announced last year.

The efinancialcareers website reported that SocGen would cut 120 staff from its London-based middle and back office workforce.

“Societe Generale UK’s platform has proposed a local cost reduction plan impacting UK headcount, mainly across the support functions,” a spokeswoman for Societe Generale in London said.

She said the decision followed a local review.

According to its website, SocGen employs 3,646 employees across Britain. They straddle corporate, investment and private banking, asset management, prime brokerage and clearing services.

The bank’s management announced plans last year to cut 500 million euros ($543.55 million) in costs and to restructure its corporate and investment unit.

When reporting 2019 results last week, SocGen said it would reduce operating expenses in 2020 and maintain “rigorous cost discipline”.

Reporting by Maya Nikolaeva, editing by Sinead Cruise and Barbara Lewis

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