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Societe Generale to axe 880 jobs


Friday January 6th 2012

Societe Generale plans to cut 880 jobs within its corporate and investment banking division this year through voluntary departures.

France's second-largest bank issued reassurance that it would not make compulsory redundancies, adding that it hopes to boost its domestic retail banking workforce by 2,500.

The job losses will be restricted to the bank's domestic workforce, it announced.

Many banks have struggled in the wake of the ongoing debt crisis surrounding the eurozone. Banks have been among the hardest hit because they tend to hold substantial amounts of risky government bonds.

Financial institutions have become reluctant to lend to one another over concern about how much debt they have taken on and how big their losses might be if they do lend money.

This has prompted rating agencies to lower or review their ratings on several banks. Societe Generale's credit rating was cut from Aa3 to A1 in December.

Copyright Press Association 2012

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