French bank Société Generale cuts 880 jobs in France, 700 abroad

French bank Société Generale has announced it plans to shed 880 jobs nationally and 700 abroad, in cuts targeted at the group's Corporate and Investment banking division.

French bank Societe Generale said Wednesday that it is looking at cutting 880 jobs in France and 700 jobs elsewhere as it restructures its investment bank unit.

The job cuts targetted at the group's Corporate and Investment banking division are expected to take effect this year.

In a statement, the bank said that it was not expecting to lay off any staff in France as the job reductions would be made under a voluntary departure plan, in agreement with key unions.

A spokeswoman added however that the deal with unions did not apply to jobs outside of France.

Source: France 24