France's third-largest bank
, unveiled on Tuesday a plan to cut
1,600 jobs, mainly at its corporate and investment banking arm,
in a bid to buoy profitability after last year's poor
performance. SocGen had announced it would cut 500 million euros
million) in costs at its corporate and investment banking in
early February after its fourth quarter results were hit by a
steep market downturn, which in turn forced it to lower both
profitability and revenue growth targets.
The bank will cut 750 jobs in France, where all the
redundancies will be made on a voluntary basis. The other job cuts will be carried out abroad, mainly in New
York and London, where the bank may fire people.
($1 = 0.8881 euros)
(Reporting by Inti Landauro and Matthieu Protard;
Editing by Sudip Kar-Gupta)
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