Societe Generale will lay off 650 employees in France, especially in the banking investment division, the French publication Les Echos announced.
Les Echos claims that there could be more job cuts in the retail division.
The French banking group’s net profit rose 1% in July-September 2020 to 862 million euros ($ 1.01 billion), analysts’ estimates.
Revenues fell 2.9% to 5.81 billion euros, but also above analysts’ forecasts. In the second quarter of 2020, Societe Generale had recorded losses of 1.26 billion euros.
Societe Generale, one of the largest European financial services groups, has 149,000 employees in 67 countries and over 31 million customers worldwide.