French bank Societe Generale plans to encourage around 420 employees at its Paris headquarters to take voluntary departure as part of a reduction in workforce, union officials announced in a bulletin.
The French bank is also considering relocating staff to Romania to reduce costs, according to the CGT union’s online bulletin.
Societe Generale aims to cut costs and increase profits amid the still uncertain recovery of the eurozone.
-Employees are not exactly rushing to accept the offered voluntary departures… Of the 420 voluntary departures offered, only 170 employees have shown interest so far- stated the CGT union in the informational bulletin.
The bank has also requested consulting firm Accenture to develop a detailed plan for relocating employees to Romania, the union reported. French daily Les Echos reported that they plan to relocate around 200 jobs.
Reuters reported back in April that SocGen is considering eliminating up to 700 jobs. Management confirmed this in May.
The bank’s spokesperson stated that it is still too early to specify the exact number of voluntary departures.
