Société Générale SA is cutting about 25 investment banking jobs in Frankfurt, Germany, as part of its previously announced plan to cut 1,600 jobs globally and revamp its investment banking unit, a spokesman for the French lender confirmed to Bloomberg News.
SocGen's leveraged finance team, as well as employees working on mergers and acquisitions, will be affected by the cuts, people familiar with the matter told the news agency. Nearly a third, however, will reportedly be given new roles at the bank.
Several staff at SocGen's desk focused on advising on deals in the chemicals industry have left the bank after it closed the desk, including Christopher Riley, global head of chemicals, the sources said.
