French investment bank to Cut 640 Jobs

French bank Societe Generale said it planned a net reduction of about 640 positions in France but said there would be no forced redundancies, Report says, citing Reuters.

The job losses come after the bank rebounded from its worst loss in a decade with a better-than-estimated third-quarter profit. SocGen said the cuts and the reorganization of some of its businesses would contribute to its plan, announced in August, to lower costs by 450 million euros ($534 million) within its capital markets division by 2023.