French banking giant Societe Generale is making “strategic adjustments” among key business lines and has set in motion changes that will likely result in a layoff of 1,600 positions globally. At the same time, the firm wants to jolt operational efficiency and wants “dedicated operations and IT entities” to hasten their digital transformation according to… Read More >>
Société Générale Settles Sanctions & AML Claims for $1.3B
French bank Société Générale will be paying $1.83 billion (€1.2 billion) in penalties to five U.S. authorities in major effort to resolve probes into allegations that the bank has violated economic sanctions and laundered money. Specifically, Société Générale, based in Paris, reached settlement agreements, from largest to smallest, of: $717.2 million to the U.S. Attorney’s… Read More >>
SocGen May Pay $1.27B Penalty via Sanctions Case
Société Générale officials report that they are working with seven major American authorities to resolve a U.S. sanctions investigation, and that an ultimate settlement may cost the French banking giant $1.27 billion (€1.1 billion), which adds to the bank’s list of sanctions and regulatory compliance woes. “ … Société Générale has entered into a phase… Read More >>
