SocGen Is Cutting Jobs in London
- U.K. capital first to bear brunt of French bank’s job cuts
- Paris on the radar as SocGen looks to reduce 1,600 positions
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Societe Generale SA started cutting positions in London, adding to gloom in the city that’s been hit by job losses at rivals including Deutsche Bank AG.
Dozens of job losses have already taken place at the French bank’s London operations in recent weeks, including 30 positions in commodities, people with knowledge of the matter said. SocGen’s voluntary departure program is kicking off in Paris with reductions set to take place over coming months, they said, asking not to be identified as the matter is private.