SOCIETE GENERALE FOCUS ON CORE WHILST CUTTING JOBS –
CEO of Societe Generale, @Frédéric Oudéa, has announced at an investor day this week the direction he wants to take the business. Stating, SocGen want to increase investment banking revenues by an average of 2.5% annually, whilst keeping costs flat.
The French bank plans to focus on their core areas, such as their leading positions in equity derivatives, structured finance and prime brokerage, hoping to see returns on equity of 3.4%.
On the retail side of SocGen, the firm plans on axing 300 of the 2,000 branches they currently have, losing circa 900 jobs in the process. Overall, the business wants to increase revenues to €29.3bn by 2020, by generating an additional €3.6bn. Also, keeping costs at €17.8bn by implementing a €1.1bn costing cutting plan.