Societe Generale, France's third-largest bank, unveiled on Tuesday a plan to cut 1,600 jobs, mainly at its corporate and investment banking arm, in a bid to buoy profitability after last year's poor performance.
SocGen had announced it would cut 500 million euros in costs at its corporate and investment banking in early February after its fourth quarter results were hit by a steep market
downturn, which in turn forced it to lower both profitability and revenue growth targets.The other job cuts will be carried out abroad, mainly in New York and London, where the bank may fire people.
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