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SocGen to announce 650 job cuts in France, Les Echos reports

·1-min read
FILE PHOTO: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris
FILE PHOTO: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris

PARIS (Reuters) - French bank Societe Generale <SOGN.PA> is set to cut 650 jobs in France, mainly in its investment banking division, French business newspaper Les Echos reported on Sunday.

The bank is to announce the cuts on Monday after meeting union representatives on Friday, the business daily reported, adding that more reductions could follow in its retail business.

Societe Generale declined to comment when contacted by Reuters.

The bank reported on Thursday it had returned to profit in the third quarter, helped by a recovery in its markets business, after accelerating efforts to overhaul retail and markets activities following two consecutive quarterly losses.

(Reporting by Leigh Thomas; Editing by Edmund Blair)