Societe Generale to cut about 125 jobs in France
LONDON • Societe Generale said it plans to cut about 125 jobs in France, mostly at its trading operations, blaming stricter regulations.
France's second-biggest bank said yesterday that it intends to cut 90 jobs in the market activities of its global banking and investor solutions division, and about 35 positions at its Lyxor asset-management unit.
It joins other banks in making cuts at their investment banks in recent months to improve depressed profitability.
Pressure to cut costs has intensified in the past month as banks have suffered a bad first quarter.
$2.7 billion home-rental business in London
LONDON•Qatari Diar Real Estate Investment is joining British developer Delancey Real Estate Asset Management and Dutch pension fund APG Asset Management NV to create a £1.4 billion (S$2.7 billion) home-rental business here.
The venture, which is subject to regulatory approval, will manage 4,000 homes, of which 1,500 are already built and 1,000 are under construction. The properties will be operated under the Get Living London brand.
Investors are earmarking as much as £30 billion to invest in the British multifamily sector, according to a survey last year by broker Savills.