Societe Generale revealed a reduction of 1,600 jobs globally, most of them in the Banking Investment Unit, of which 1,200 positions are in the Banking and International Solutions division that includes trading activities, as will be Reducing 752 jobs in France.

The move to cut jobs comes after a 19% drop in trading revenue in the fourth quarter prompted CEO Frederick Odia to boost efforts to improve performance.

Société Générale aims to achieve annual cost savings of half a billion euros by next year in the Banking and International Investors Solutions Unit.

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