Societe Generale Energy Corp cuts 129 jobs at Stamford

A Stamford-based energy-trading company is planning to eliminate 129 jobs between March and June as it closes its Connecticut office and retreats from the physical energy-trading business in North America.

Societe Generale Energy Corp. was formed in January 2011 when the parent company, Societe Generale Corporate & Investment Banking, bought trading technology from RBS Sempra Commodities. The corresponding business included 150 employees, most of whom worked in Stamford when it was part of RBS Sempra.

The parent company, Societe Generale Corporate & Investment Banking, is shedding businesses adversely affected by regulation or that "do not meet competitive positioning, synergies potential or profitability criteria," company spokesman Jim Galvin said in an email.

"SG CIB will adapt its commodities market activities setup in North America accordingly and will remain committed to its North American energy derivatives activities as well as to its other existing commodities franchises (metals, agricultural, commodities, indices) to provide risk management and commodity investment solutions to its corporate and investor clients," Galvin said.

The company will remain active in energy derivatives, and it will continue to trade gas and power in Europe.

Source: Courant