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Company News

French bank SocGen to cut 640 jobs in France, no forced redundancies

PARIS, Nov 9 (Reuters) - French bank Societe Generale said on Monday it planned a net reduction of about 640 positions in France but said there would be no forced redundancies.

The bank said the plan would concern market activities and associated functions and would help reduce costs by about 450 million euros ($535 million) by 2022-2023.

French business newspaper Les Echos reported on Sunday that the cuts would be mainly in the investment banking division.

$1 = 0.8413 euros Reporting by Geert De Clercq; Editing by Edmund Blair

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