French banking giant Societe Generale (SocGen) is reportedly planning to make 120 redundancies from the middle and back office in London, UK.
The job cuts follow, “a dedicated review to deliver more sustainable and profitable growth,” eFinancialCareers quoted a spokeswoman of the bank as saying.
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Societe Generale has already initiated a consultation programme in this regard, the report added.
“The UK platform is a key business for Societe Generale and it remains committed to its clients, both in the UK and internationally from the UK,” the bank’s spokeswoman added.
The redundancies follow SocGen reporting a net banking income of €24.67bn (£20.94bn) for 2019, a fall of 2% from €25.2bn (£21.39) in 2018.
While announcing the financial result, the bank also revealed plans to cut costs by €1.1bn, 70% of which has been completed by the end of last year.
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By GlobalDataThe remaining 30% which amounts to €330m ($358m) of cost cuts is expected to be completed by the end of this year.
SocGen has cut several jobs in the past in order to bolster its profitability.
Societe Generale job cuts
In April last year, SocGen announced plans to fire 1600 employees, 750 of which were in its French banking arm.
In February last year, SocGen axed thousands of jobs at its investment bank as part of its cost-cutting measure.
Many European banks are cutting jobs to boost margins.
Recently, reports emerged that Italian banking group UniCredit is set to slash 6,000 jobs and shutter 450 branches in Italy.
At fag end of the last month, media reports suggested that RBS is planning to cuts thousands of jobs at Natwest as a part of its cost-cutting strategies.
