SocGen to Dismiss 1,180 Brazil Workers, Take $229 Million ChargeFabio Benedetti-Valentini and Cristiane Lucchesi
Societe Generale SA, France’s second-largest bank, will dismiss 1,180 workers in Brazil and book a 200 million-euro ($230 million) charge in the fourth quarter as it exits Brazilian consumer-finance operations.
Units including Banco Cacique and Banco Pecunia will close, the Paris-based bank 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 loan portfolios and the bank’s exit from consumer businesses, a spokesman said.
Societe Generale will focus on serving corporate and institutional clients, according to the statement. Its main local units will remain Banco Societe Generale Brasil, Societe Generale Equipment Finance and ALD Automotive, with staff of about 300 people, a spokesman said.
Societe Generale had 19.7 billion reais ($7.3 billion) in assets in Brazil as of September, the 22nd-biggest bank in the nation, according to the most recent central-bank data.