SocGen to Dismiss 1,180 in Brazil, Take $229 Million Charge
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Societe Generale SA, France’s second-largest bank, will dismiss 1,180 workers in Brazil and book a 200 million-euro ($229 million) charge in the fourth quarter as it exits its Brazilian consumer-finance operations.
The bank will close Units including Banco Cacique and Banco Pecunia, SocGen said by e-mail Tuesday. The decision means 650 workers will be dismissed this month, and job cuts will total about 1,180 after the sale of loans and the bank’s exit from consumer businesses, a spokesman said.