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SocGen Plans 550 Job Cuts at Paris Headquarters, Cabannes Says

Societe Generale SA (GLE), France’s second- largest bank, said it plans to cut 550 jobs at its Paris headquarters as part of additional cost reductions amid a slump in European economies.

“We are currently in negotiation, in discussion with our unions in France on a staff-reduction plan,” Deputy Chief Executive Officer Severin Cabannes said in a Bloomberg Television interview today. “The total impact for this first step” will be 550 jobs, he said.

Societe Generale, which in February set out plans to reorganize its main businesses into three units, is seeking additional cost cuts at home after trimming about 1,600 corporate and investment banking jobs worldwide last year.

The bank plans to reach 900 million euros ($1.18 billion) of additional savings by 2015 after 550 million euros in 2012, bringing total expense reductions to 1.45 billion euros over the period, it said in a statement today.

Societe Generale is “streamlining” its activities around French retail banking, international retail banking and corporate and investment banking, Cabannes said. The company seeks a “very strict management of external expenses” and is continuing its “internal pooling of resources,” he said.

To contact the reporters on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net; Caroline Connan in London at cconnan@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net

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