Societe Generale shares climb after cost-cutting plan
Societe Generale shares climb after cost-cutting plan
Paris - Egypt Today
Shares in Societe Generale climbed Tuesday after the French bank unveiled a strategic plan that will see it shutter 15 percent of its branches in its home market and cut even more jobs.
While the plan aims to boost profits, in the short term France's third-largest bank will need to book a charge of 400 million euros ($476 million) to implement the restructuring.
It announced it will also book against fourth quarter earnings 170 million euros for an exception tax levied by the French government.
Societe Generale's shares rose 0.8 percent in early trading, while the Paris CAC 40 index edged 0.05 percent higher.
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