SocGen’s private bank to cut around 10 pct Asia staff
SINGAPORE – Societe Generale said it will cut around 10 percent of staff from its private banking arm in Asia excluding Japan due to volatile market conditions.
The French bank joins rivals such as UBS, Deutsche Bank and Citigroup in shedding private bankers in Asia, which just two years ago saw rampant job-hopping and poaching as global banks aggressively expanded in the region.
‘SG Private Banking… confirms that it is re-aligning its operations in Asia ex-Japan in line with current market conditions, opportunities and development strategy,’ a spokeswoman for the bank said in an email on Friday.
SocGen’s private banking unit currently has 600 people in Asia excluding Japan, the bank said.
The unit, called SG Private Banking, said it remains committed to Asia where it has five centres for collecting assets. Singapore and Hong Kong act as international centres for collecting assets.
Analysts have said profits at private banks are falling as the global financial crisis slashes revenues from fees and financial product sales.
via Reuters
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