Societe Generale said Tuesday that it is launching two restructuring projects that could lead to up to 1600 jobs being cut from its global operations.
The French bank said it plans to revamp its global banking and investor solutions businesses, and modify the organisational structure of its international retail banking and financial services activities in a push to boost profitability.
As part of the shake-up, Societe Generale will close its over-the-counter commodities business and its proprietary-trading subsidiary, while sharpening its focus on equity derivatives and structured products.
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