EMCC European Monitoring Centre on Change

Société Générale

Company/Organisation:
Société Générale

Geographic Location

Country: World

Company

Sector: Financial services
Financial and insurance activities
66 - Activities auxiliary to financial services and insurance activities
Number Employed: 151000
Group: Société générale

Employment Effects

Announcement Date: 27-08-2008
Type of Restructuring: Business expansion
Employment Effect Start: 01-09-2008
Foreseen End Date: 31-12-2008
Planned Job Creation: 20000

Additional Information

The French bank Société Générale planned to recruit close to 20,000 employees worldwide this year, including 5,500 in France. The bank's recruitment comes at a time of widespread job losses in the global financial services industry and fears of economic recession due to credit crunch. Société Générale, trying to fight back from a trading scandal early this year, said it now had 151,000 employees. Societe Generale provides financial services in Europe. It operates in 82 countries. Its operations are organized according to five business lines: French Networks, International Retail Banking, Financial Services, Global Investment Management and Services, Corporate and Investment Banking.