SocGen to Cut 80 London Jobs as Bank Pares Back Securities Unit
Mar 07 2021, 1:18 PM
March 05 2021, 9:40 PM
March 07 2021, 1:18 PM
(Bloomberg) Societe Generale SA is planning to cut about 80 positions in London as the lender scales back a business that provides securities services to asset managers, banks and brokers.
(Bloomberg) Societe Generale SA is planning to cut about 80 positions in London as the lender scales back a business that provides securities services to asset managers, banks and brokers.
About half the positions are being cut at SocGen securities services unit, known as SGSS, in the U.K. capital, according to people with knowledge of the matter. The remainder mostly affects local compliance and support teams, the people said, asking not to be identified as the matter is private.
SocGen to Return Capital After First Losing Year in Decades
Bloomberg 2/10/2021 Alexandre Rajbhandari
(Bloomberg) Societe Generale SA vowed to return capital to investors even as it ended its first losing year in more than three decades with a slump in trading.
In contrast to double-digit gains at Wall Street peers, SocGen saw equities revenue its traditional strength fall 7% from a year earlier and fixed-income trading drop 16%. Net income in the fourth quarter fell less than analysts had expected and the Paris-based firm pledged to return about 940 million euros ($1.14 billion) to investors this year if regulators let it.