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Societe Generale cuts jobs as income falls

Societe Generale cuts jobs as income falls
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French bank Societe Generale is to cut at least 700 jobs from its workforce, although the figure may be as high as 1000.

It is the second-largest lender on the Paris stock market, but has just posted poor first-quarter income figures.

The bank wants to save 900 million euros before the end of 2015, on top of the 550 million announced last year. The company says there will be no forced layoffs, so the job cuts are likely to be buy-outs and early retirements.

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