PARIS (dpa-AFX) - Societe Generale (SCGLF.PK, SCGLY.PK) announced the company plans some strategic adjustments. The first is strategic and relates to its Global Banking & Investor Solutions businesses, while the second is operational and covers the head office structure for its International Retail Banking & Financial Services activities. In total, these projects could lead to a reduction of close to 1600 jobs globally, including around 750 in France, the company noted.
Following the review of the Global Banking & Investor Solutions business portfolio, Societe Generale plans some strategic adjustments in order to always better meet its clients' expectations while structurally improving its profitability. The Group will concentrate its wholesale business model on its areas of strength where it has sustainable and differentiating competitive advantages. The Group said it will increase the allocation of its resources towards the most relevant clients-offers- geographies mix for its clients and for the Bank.
Societe Generale intends to simplify the head office structure of its International Retail Banking & Financial Services activities by streamlining and integrating services dedicated to the international retail banking Business Units.
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