The Trader 

Market Outlook: Soc Gen to slash

The Trader

French banking giant Societé Generale SA says it plans to close 15 per cent of its branches and eliminate up to 900 jobs by 2020 as its CEO Frederic Oudéa noted, ‘I am convinced that the European banking sector is going through a kind of industrial revolution, which will probably take the next 10 years’.  Digital disruption, he says, is the cause rather than overcapacity and the need for cost cutting.  

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