RBS, Societe Generale may cut over 11,500 jobs

Updated on: Friday, January 06, 2012

More than 11,500 banking jobs could be axed globally as a result of separate restructuring initiatives being undertaken by two European banks, RBS and Societe Generale, media reports have said.
   
The job cuts comes in the wake of the banking sector, especially investment banking activities, facing difficult times amid the persisting European debt turmoil.
   
"As many as 10,000 bankers at Royal Bank of Scotland (RBS) face the prospect of losing their jobs, as the state-owned UK bank draws up detailed plans to retreat from investment banking," British daily Financial Times reported.
   
The publication noted the job cuts combined with an expected 1-2 billion pounds of restructuring costs are the worst-case scenario in plans being considered by RBS Chief Executive Stephen Hester.
   
In a separate report, the daily said that Societe Generale was considering about 1,580 jobs cuts at its corporate and investment bank.
   
"The job losses will include 880 voluntary departures in France, where most of the pision's employees are based, and 700 job cuts in other countries," Financial Times said, quoting a spokesman of Societe Generale.
   
In a statement issued yesterday, Societe Generale had said it was looking at reducing the number of positions in its corporate and investment banking pision by about 880 in France.
   
"Like other European banks, Societe Generale has been stepping up since the summer the structural adaptation of its corporate and investment banking activities... in order to face a tougher economic and regulatory environment," it said.
   
Both RBS and Societe Generale are present in India.
   
Last year, French banking entities Credit Agricole and BNP Paribas had unveiled plans to trim their respective workforce, that would result in more than 3,500 jobs.

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