U.S. Markets closed

SocGen plans 375 job cuts across Europe: union

The logo of French bank Societe Generale is seen on a building in the financial district of La Defense near Paris August 1, 2013. REUTERS/Benoit Tessier

By Lionel Laurent

PARIS (Reuters) - French bank Societe Generale (GLE.PA) plans to cut 375 jobs across Europe in its securities-services business, a staff union said in a newsletter posted online after meeting with management.

The cuts will mostly hit French staff, while around 100 jobs in Italy, Luxembourg, Germany and Ireland are being targeted as part of the plan, the newsletter said. A second union source confirmed to Reuters that management had said around 275 jobs in France were at risk.

A SocGen spokeswoman was not immediately available for comment.

SocGen, France's No. 2 listed bank, is in the midst of a drive to slash costs and cut staff to offset the cost of new curbs on risk and a still-uncertain economic recovery in Europe.

Securities services, or custody services, offers settlement, safekeeping and reporting of customers' securities.

The bank is separately finalizing a plan to cut up to 700 mainly back-office jobs at its Paris headquarters and is targeting around 420 voluntary departures as part of the plan, union officials have said.

It will report third-quarter results on Thursday.

(Reporting by Lionel Laurent; Editing by Leila Abboud)