(Reuters exclusive)
By Lionel Laurent and Matthieu Protard
PARIS, Dec 2 (Reuters) - French bank Societe Generale is to cut 700 jobs at its American and Asian operations as it pulls back on U.S. dollar lending to cut debt and strengthen its balance sheet, two trade-union sources said on Friday.
The latest sign of retrenchment at French banks comes as the eurozone debt crisis reaches boiling point and as Europe's banks take fresh measures to restore investor confidence and meet tougher capital targets by mid-2012.
"They (SocGen) gave in New York a figure of 700 job cuts across the Americas and Asia," said Michel Marchet, a Paris-based CGT union representative.
(Read on...)
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