Credit Agricole and Societe Generale are to continue to slash costs in the face of tougher rules about capital levels and the lack of economic recovery.
Soc Gen is looking for €900m of cost cutting over the next three years while Credit Agricole is looking to cut €650m by 2016.
A fund manager at Mandarine Gestion thinks that Soc Gen’s capacity to cut it’s cost base is impressive.
I’m sure the people losing their jobs as part of the cost cutting will be highly impressed as well.
Full story from Reuters here.
