SocGen May Accelerate Cost-Cutting Plans, CEO Oudea SaysBy and
Societe Generale SA may speed up cost-cutting in activities including corporate and investment banking as harsher regulation bites across the industry, Chief Executive Officer Frederic Oudea said.
“We might even accelerate or increase the amount of savings” at the global-banking and investor-solutions unit, Oudea said Wednesday at a Morgan Stanley conference in London, without providing details.
The unit, which includes Societe Generale’s corporate and investment bank as well as prime brokerage, asset management and wealth management businesses, makes up 38 percent of 850 million euros in cost cuts ($942 million) that it plans to achieve in 2017.
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