Tue. Apr 23rd, 2019

Société Générale will cut 1,600 jobs worldwide

Société Générale will cut 1,600 jobs worldwide


The French bank Société Générale will carry out a workforce adjustment that will affect some 1,600 employees of the entity globally, including 750 of its employees in France, mainly as a result of the strategic reorganization of its investment banking business with the aim of to improve its profitability, as announced by the gala entity. According to the website of the financial services group, they have "more than 6800" employees in Spain and Portugal.

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In this way, Société Générale intends to simplify the structure of the central office of its activities of international retail banking and financial services as a reflection of its loss of scope following the recent divestments, streamlining and integrating the services dedicated to the business units. of international retail banking (Europe, Russia and Africa, Mediterranean basin and overseas), reports Europa Press.

The French bank has expressed its intention to concentrate its wholesale business model wherever it has sustainable and differentiating competitive advantages, highlighting that its leading position in Europe, the depth of its portfolio of corporate clients, as well as its global network in derivatives and Structured finance can position the entity as a provider of high added value solutions.

In this regard, the French bank has explained that it will concentrate its business in global markets in investment and financing solutions, which will mean the cessation of its activity in the area of ​​raw materials and the closing of its trading subsidiary on its own, as well as to reorganize their business interest rates, credit and currencies in order to make them more profitable.

Société Générale also plans to combine its customer relations, investment banking and financing businesses, which will allow the entity to optimize its client base and its geographical presence.

In addition, the bank has indicated that other support functions will have to adapt to the adjustments to improve its operational efficiency, noting in particular the acceleration in the digital transformation of its information technology entities.

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