Geniki Plans to Cut Salaries, Benefits by 10%, Imerisia Says

Geniki Bank (TGEN) SA, the Greek unit of France’s Societe Generale (GLE) SA, is in talks with employees to cut wages and bonuses by 10 percent to counter losses, Imerisia reported, citing a company letter to employees.

The union representing bank employees has urged workers to reject the bank’s proposal for a new labor agreement which would include the wage reductions, the Athens-based newspaper said.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.

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