Société Générale has announced ‘several organisational adjustment projects’ linked to the implementation of the restructuring announced at the beginning of August aimed at reducing the risk profile of the credit and equity structured products business.

The headcount reduction exercise relates to ‘market activities and associated functions’ which seek to reduce costs by €450m by 2022-2023 and improve the profitability of the bank’s equity derivatives activities. The bank has started a consultation with employee representative bodies in France which will result in a ‘net reduction of about 640 positions in France, without forced redundancies’. In addition, the Securities Services business and other central fu

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