Banking
SocGen to take Q4 charges of up to €570 million
Bank announces surprise charges as SocGen Chief Executive Frederic Oudea presents third set of financial targets since global credit crisis to investors in Paris.
(Bloomberg) Societe Generale expects to book exceptional charges of about €570 million in the fourth quarter, related to tax changes and a plan to cut more staff in France.
As many as 900 job cuts may take place at its domestic retail banking business, resulting in a charge ofabout €400 million, Societe Generale said in a statement late on Monday.
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