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SocGen eyeing 420 voluntary departures-union
August 27, 2013 / 7:23 AM / 4 years ago

SocGen eyeing 420 voluntary departures-union

PARIS, Aug 27 (Reuters) - French bank Societe Generale , which is attempting to finalize a plan to cut up to 700 mainly back-office jobs at its Paris headquarters, is targeting around 420 voluntary departures as part of the plan, union officials have told their members in a newsletter.

France’s No. 2 listed bank is also eyeing a transfer of staff to Romania to help save costs, the CGT union’s online newsletter said, as the lender begins a push to cut expenses and lift profit amid a still-uncertain recovery for the eurozone.

“Employees are in no rush to take up voluntary departures ... For the 420 voluntary departures that need to be filled, only 170 responses have been received,” the CGT union newsletter said.

SocGen has also asked consultancy Accenture to work on details of the plan to transfer staff to Romania, the union said. French newspaper Les Echos said around 200 jobs would be transferred.

Reuters first reported in April that SocGen was mulling up to 700 job cuts, a plan that was subsequently confirmed by management of the bank in May.

A SocGen spokeswoman said it was too early to provide detailed numbers on the voluntary departure plan, which was proceeding normally and in line with agreements with staff. (Reporting by Lionel Laurent and Alexandre Boksenbaum-Granier; Editing Dominique Vidalon and David Holmes)

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