After yesterday’s bad news on RBS, the negativity for European banks continues this morning.
Dealbook is reporting that Société Générale is preparing for 1,580 layoffs worldwide:
France’s Société Générale, the country’s second largest bank, has announced 880 voluntary departures in its domestic investment banking business starting in April. A further 700 layoffs are also expected in the bank’s international investment banking operations, including in New York and London, according to company spokesperson Nathalie Boschat.
Banks on the Continent continue to face additional headwinds compared to their global peers. Not only do they have to face a sluggish economy, a shared trait across the world, but the more acute and unpredictable instability from the European sovereign debt crisis.