06.01.2012 0

France: New fears for job security

Leading French bank cuts 880 jobs

One of France's largest banks, Société générale, has announced that it will cut 1,500 jobs globally in 2012. French workers will bear the brunt of the cutbacks, with a crippling 880 job losses across the country.

One of France's largest banks, Société générale, has announced that it will cut 1,500 jobs globally in 2012. French workers will bear the brunt of the cutbacks, with a crippling 880 job losses across the country.
880 French workers face job cuts this year

The decision to slash costs and make cut backs was announced by the bank on Wednesday 4th January in a bid to restructure its investment bank unit.

The job cuts, which are expected to take effect in early April 2012, will mainly affect the group's corporate and investment-banking departments. 

According to national media France 24, the bank said that it was not expecting to lay off any staff in France as the job losses would be made under a voluntary redundancy plan, in agreement with key unions. This deal with unions however only applies to employees in France.

The company is following in the footsteps of two other leading French banks, Crédit Agricole and BNP Paribas, who announced similar job cuts last year.

Recruitment in 2012 will also be affected, with a limit of 2,500 people this year instead of the usual 3,200. The company revealed this week that that these 2,500 jobs will be mainly in retail banking. 

Sarah Lloyd

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