Societe Generale considers job cuts

  • France's Societe Generale may cuts hundreds of jobs to order to raise profits due to poor economic conditions.

    On Tuesday, The country's second biggest bank announced it was in talks with trade unions over a plan to cut 550 administrative jobs at its Paris headquarters.

    The revelation came on the same day it reported a 50 percent drop in net profits in the first quarter of this year due to a weak French economy.

    SocGen posted a less-than-expected profit of $476 million.

    The bank employs around 60,000 people in France, part of a worldwide workforce of some 154,000.

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