Société Générale to cut 1,500 jobs, Asia included

French banking group Société Générale is reportedly planning to cut 1,500 across Europe and Asia.

The redundancies will be in its corporate and investment banking business, impacting Europe, US, and Asia.

The company said in a statement over the weekend that it is still in the process of reviewing activities in its corporate and investor client business; hence, it was not possible to comment on the impact on jobs.

The terminations are part of Société Générale’s plan to reduce costs by €500m (US$567m), as announced by the bank in its financial results earlier this month.

Société Générale reported higher-than-expected profits in 2018 but said it would tweak its targets and those of its investment bank for next year.