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Thursday, December 1, 2011

Société Générale Planning New York Job Cuts


PARIS — Société Générale is planning to eliminate a number of jobs in New York, as the financial crisis and a changing global regulatory environment put pressure on its businesses there, a person with direct knowledge of the bank’s plans said Thursday.

The bank, one of the top lenders in France, is scaling back its aircraft, shipping, real estate and leveraged finance businesses, the person said.

‘‘It’s premature to give more information about the headcount,’’ said the person, who spoke on condition of anonymity because the layoffs had not been finalized.

The headquarters of French bank Societe Generale, the country's second largest, at La Defense in Paris.

Wall Street banks, whose profits have been flagging amid global market turmoil and regulatory uncertainty, have been culling their ranks. Goldman Sachs, Bank of America, Citigroup and others have announced thousands of jobs cuts. Their European counterparts, including UBS and Société Générale, have been making similar reductions.

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