PARIS (AP) — French bank Societe Generale says it is considering eliminating 880 jobs in its corporate and investment banking division this year.
The bank said in a statement Wednesday that the reduction would be achieved through voluntary departures and that it would not resort to layoffs.
The bank added that it hopes to add at least 2,500 jobs in its retail banking division.
The European debt crisis has put banks under immense pressure because many hold substantial amounts of risky government bonds. Fears about how much of that debt the banks carry — and how big their losses will be — has made financial institutions reluctant to lend to one another.
It also has spurred ratings agencies to lower or review the ratings on several banks, including Societe Generale.
