French bank Societe Generale to cut 1,000 jobs

DW – France’s second-biggest lender, Societe Generale, has announced another cost-cutting program that will also entail the slashing of hundreds of jobs. The announcement came after net profit took a first-quarter dive. Societe Generale on Tuesday announced a new savings drive after net earnings in the first quarter left much to be desired. Bottom-line profit generated in the first three months of the year dropped by half to 364 million euros ($476 million). The bank said it was aiming to save 900 million euros by 2015. It added that 1,000 jobs would have to go in order to reach that objective. Read Article

Source Article from http://openyoureyesnews.com/2013/05/08/french-bank-societe-generale-to-cut-1000-jobs/

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