Societe Generale, France's second largest bank, will cut several hundred jobs in the corporate and investment bank in 2012, the company's trade union representatives said yesterday. The job cuts will take place in France as the bank seeks to adopt the European Union's new rules mandating how much capital banks should have. The bank will also freeze salaries and reduce bonuses as part of the cost-cutting plans.
The situation isn't completely dire for jobseekers. Like HSBC, which cut jobs in Europe and the U.K. but will hire in emerging markets, SocGen will add to its ranks in South Korea, Japan and Southeast Asia.
Ashley Wilkins, Deputy CEO of SocGen's Asia Pacific corporate and investment banking group, told Reuters that SocGen wanted to grow in equity derivatives, trade financing, commodities and infrastructure in the Asia-Pacific region. The bank is set to announce new hires for its Tokyo and Seoul offices and has just established an office in Malaysia.
"Net-net, we're hiring," Wilkins told Reuters.
There are more than 1,800 employees across Asia in the corporate and investment bank.
And the Winner Is (Financial News)
Step on down, Sergio Ermotti. You've just been named chief executive officer of UBS. The former UniCredit investment banking head won the spot over internal and external candidates. Carsten Kengeter can't be very happy right now.
Moving On (WSJ)
Yusuf Alireza, the Goldman Sachs Asian-Pacific region co-president who is leaving the firm, may end up at commodities trader Noble Group. Noble has been trying to get him to come aboard for some time.
Forging a Path (Mergers & Inquisitions)
Even if you don't have a visa, didn't attend a great school and are a foreigner in a new country, you can still get a job offer on a fixed income, currency and commodities trading desk.
Bright Side (DealBook)
There may be layoffs going down at Credit Suisse, but the compensation situation just got a lot better for those who remain. Last year, any employee who got a bonus above 50,000 Swiss francs would see the amount deferred. Now, it's just staff members with total compensation of 250,000 Swiss francs.
New Hires (Consumer Finance)
The Consumer Financial Protection Bureau has appointed eight senior executives for the agency, including a chief of staff, chief financial officer and private education loan ombudsman.
Corporate Lattice (FT)
Women who get passed over for top jobs may not settle for a consolation prize. Just ask Sallie Krawcheck or Helen Weir, the former head of retail banking at Lloyds who left after Antonio-Horta Osorio got the chief executive position.
Buzz Around the Office
Quite a parade.
List of the Day: Work-Life Balance
You can achieve it; you just (ironically) may have to work at it.
1. Figure out what you can say no to.
2. Choose hobbies that complement your passions.
3. Evaluate what the best balance is for you. It may not be right for everyone.