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Societe Generale said it plans to cut about 125 jobs in France, mostly at its trading operations, blaming stricter regulations.
France’s second biggest bank said on Monday it intends to cut 90 jobs in the market activities of its global banking and investor solutions division and about 35 positions at its Lyxor asset-management unit.
“Faced with an environment characterised by ever rising regulatory constraints leading to higher costs, Societe Generale needs to adapt its model in order to focus on its core activities and to optimise the use of its scarce resources,” the bank said.
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