France’s Societe Generale to cut 1,500 jobs: report

French banking group Societe Generale is planning to cut 1,500 positions in its BFI corporate and investment banking arm, Le Figaro newspaper reported on Saturday.

France's Societe Generale to cut 1,500 jobs: report
Societe Generale CEO Frederic Oudea at the Climate Finance Day and Global Roundtable in Paris on November 26, 2018. Photo: ERIC PIERMONT / AFP
Citing internal bank documents, the paper said the bank was looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with around 700 of them in France.
The company said in a statement on Saturday it was still reviewing activities in its corporate and investor client business so it was not possible to comment on the impact on jobs.
“We have an ongoing dialogue with our unions and will consult them on our projects and their impact as soon as the review is completed in the coming weeks,” the bank said.
French CGT union representative Philippe Fournil could not confirm the information, but said the bank's management had on Thursday indicated it was still reviewing activities within that business.


New Air France chief announces first job cuts

The new chief executive of Air France has proposed the first job cuts for the strike-prone airline since taking over eight months ago, with up to 465 voluntary redundancies announced on Monday.

New Air France chief announces first job cuts
Photo: AFP
The cuts have been earmarked for its short-haul business in France, which lost 189 million euros ($212 million) in 2018 and is expected to make further losses in the years ahead, the company said in a statement.
It intends to close or reduce the number of flights on loss-making routes and make use of smaller aircraft to reduce costs, as it confronts fierce competition from low-cost rivals and France's high-speed train network. 
The cuts will accompany a reduction in capacity of 15 percent by 2021, the company said, with ground staff and customer services personnel set to be offered the voluntary redundancy packages.
“This plan will shortly be the subject of a consultation with relevant stakeholders. There will be no forced departures,” the airline said.
Canadian Ben Smith was named as the first non-French chief executive of Air France-KLM last year despite strong resistance from the group's powerful trade 
The Franco-Dutch group, formed out of a merger of Air France and KLM, has also been caught in a power struggle between Paris and the Hague. 
In February, the Netherlands purchased 14 percent of the airline, nearly matching the 14.3 percent held by France, sparking tensions over control and French warnings of instability in its management.
The move by the Netherlands was prompted by doubts over the alliance's strategy and worries that Dutch interests were being neglected. 
Air France said Monday that its domestic operations had lost 717 million euros in total since 2013.