On 5 January, French bank Société Générale announced to cut around 1,580 jobs at its corporate and investment bank branch (BFI) worldwide. 880 jobs will be cut in France in 2012 (13% of its workforce, see here) and 700 jobs will be cut in other unspecified countries, mainly in Asia and America.

This follows an announcement on 15 November stating that to "several hundred" jobs would be cut at Société Générale's French corporate and investment bank. The management attributed the cut to the need to meet the European Union's new capital rules.

In France, Société Générale will reduce its workforce without resorting to layoffs or forced departures. The plan will be based on voluntary departures and will give priority to internal mobility within the group.

Société Générale BFI employs 5,000 people in France and 7,000 employees in other countries.