Top Stories
Top Stories
Banks

Societe Generale plans to cut thousands of jobs at investment bank: Bloomberg

Societe Generale SA headquarters stand in Paris, France
Antoine Antoniol | Bloomberg | Getty Images

French bank Societe Generale is planning to cut thousands of jobs at its global banking and investor solutions unit, as it looks to offset cost pressure from regulation, Bloomberg reported on Friday, citing people familiar with the matter.

The bank is also looking to find a partner for its cash-equity business, the report added.

Societe Generale did not immediately respond to a Reuters request for comment.

Next Article
Key Points
  • Longtime financials analyst Dick Bove initiates coverage on Goldman Sachs with a sell rating and warns clients the bank's legal troubles are just beginning.
  • "I think that the most negative revelations are yet to come," Bove writes. "Thus, the broader issue is will Goldman's business operations be impacted?"
  • The bank said earlier this year that it could withhold pay from top executives depending on the outcome of an investigation into a Malaysian investment fund.