French lender Societe Generale is reportedly planning to axe about 1,500 jobs at its Russian subsidiary Rosbank this year, according to Bloomberg.
Societe Generale axed nearly the same numbers of jobs in Russia in 2014, an unidentified source told Bloomberg.
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The French lender employs about 20,500 in Russia, mainly at OAO Rosbank, its consumer banking unit, the publication quoted the person as saying.
The move comes as the bank’s Russian unit has been adversely impacted by the country’s economic situation that has been hit hard by tumbling oil prices and Western sanctions over the conflict in Ukraine.
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