Unions approve Societe Generale's French retail job cuts plan

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March 1, 2018 12:59 PM EST

FILE PHOTO: The logo of the French bank Societe Generale is seen in front of the bank's headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes/File Photo

PARIS (Reuters) - Societe Generale said on Thursday it had reached a deal with three unions that will notably lead to 2,135 job cuts by 2020 as part of plans to restructure its French retail banking network.

The deal rules out outright layoffs and will give priority to offering employees positions elsewhere in the company. It also opens an option for a collective bargaining deal under new labor rules introduced by the new government last year, the statement said.

Last month, Societe Generale reported an unexpected profit in the fourth quarter, beating forecasts that the French bank would make a loss partly due to tax-related charges and restructuring costs.

(Reporting by Dominique Vidalon; editing by Michel Rose)


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