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20 Banks Slashing Jobs in 2011

Societe Generale

Societe Generale (SCGLY) is expected to lay off 200 employees from its U.S. investment banking and corporate banking unit, according to a Bloomberg report.

The cuts may amount to 10% to 20% of its 2,000 workers in its U.S. unit.

The bank plans to cut as many as 2,000 jobs next year in its Russian retail banking unit, as part of its plans to trim corporate and investment banking costs by 5,000.

The firm is shedding assets as it deals with the impact of the European crisis. It is trimming businesses such as aircraft financing, leveraged finance and commercial real-estate financing in the U.S.

Naseem Haffar, who was hired as U.S. head of loan sales and trading in March 2010, and New York-based senior credit traders Joseph Finnern and Zachary Chavis were among those dismissed, the report said, citing people familiar with the situation.
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