The SocGen Banker Union Calls A One-Day Strike To Protect Jobs

Tyler Durden's picture

You read that right: SocGen, the second largest French bank, not only has labor unions, but they have just announced a one-day national strike to protect their jobs. Which is odd, because it was our impression that in socialist France nobody is allowed to lose their job ever again. Perhaps that excludes bankers: the confusion surrounding the Fairness Doctrine, which may or may not tax millionaires at a 75% tax rate continues to grow.

From Dow Jones:

Trade unions at French bank Societe Generale SA (GLE.FR) called a one-day national strike Tuesday to protect jobs at the bank as it continues its cost cutting plans.


"It seems that the management is trying to give itself the means to easily proceed with new lay-offs," said Alain Treviglio, a trade union representative with the French Democratic Confederation of Labour, or Cfdt. "Employees are very worried," he added.


The call for a strike highlights the growing tension between the bank's employees and its senior management who are under pressure to cut costs to cope with Europe's unfolding sovereign debt crisis.


A spokeswoman for Societe Generale said that while the bank was considering outsourcing part of its back office activities, it didn't intend to implement a "global job cut plan."


The Paris-based lender, France's second-largest listed bank, announced plans in September 2011 to accelerate asset disposals, and launched a cost-cutting program aimed at freeing 4 billion euros ($5.22 billion) in capital by 2013. The bank completed its restructuring plan late last year, cutting 880 jobs in France in the process.

Next: Goldman's FX and interest-rate manipulation union goes on strike as there are not enough vacant units at 15 CPW?

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GetZeeGold's picture



Screw the banksters union.

Racer's picture

So not only did they steal our money, but they want to keep on doing it...

fonzannoon's picture

I am going to stop updating everyone on gold knockdowns and only post when they don't. It was nice knowing u guys.

GetZeeGold's picture



Welcome to the bar-fight Fonz.....we've saved the biggest baddest biker....just for you.

smlbizman's picture

if its eight o'clock it must be metal smashing time....

AccreditedEYE's picture

Everyone see CNBS trot out Dr. Doom? What a joke... I don't care if it's gold, stocks or silver, you buy the f-ing dip.

jubber's picture

only up 3.7% today

Sean7k's picture

Now, if we could only get the rest of them to go on strike- permanently.

Bubble's picture

a trillion dollar coin, then japan monetizing ESM bonds, now the much sympathised with banker socialist union of workers going on strike

either I have gone mad and am imagining this stuff, or i've entered the twilight zone. WTF is going on?

andrewp111's picture

The EU needs to make its own version of the Trillion Dollar Coin. With 17 separate States, a trillion is too high a denomination. If every EU State is allowed to monetize a rather reasonable 10K Euros of seigniorage per person, that would make the ten billion euro coin the most appropriate denomination for Europe. It would save every EU State except Greece, which is so deep in the hole that even 100B Euros can't save them.

Manthong's picture

In this drama, er, farce, retail bankers are as important as crewman number six.

LongSoupLine's picture

Fuck you France

Fuck you Banks

Fuck you Unions


There...that about covers it for this thread.

falak pema's picture

what a contradictory heading, displaying false  or tongue in cheek logic ( I leave u the benefit of the doubt).

The bankstas need to be broken down; and their unions know that but don't want the sheeple to pay; more the Oligarchs at the top.

If the financial crisis creates bank deleveraging bigtime what the unions are saying is : burn those oligarchs  who speculated not the people in the basement.

As for the socialist state and its tax gimmicks, its Charybdis and Scylla, statism and oligarchy mayem. Behind the absurd political slogan of 75% tax, is the reality of increasing the taxation of the rich AS WELL AS THE CORPORATES,  parked in Caymanista land, as well as more taxation of capital gains of rich individuals. But in a responsible way, which means Euro tax harmonsation NOT excited knee jerks which are populist and counter producitive, as they have a totalitarian bend.

The current bankrupt first world nation states all have one big double agenda : solve the financial crisis and cut down on state spending. I don't see how they can avoid either of these issues.

secret_sam's picture

     The current bankrupt first world nation states all have one big double agenda : solve the financial crisis and cut down on state spending.

I think the consensus of the financial overlords is that preventing anyone from understanding the real CAUSE of the "financial crisis" will somehow make it disappear.

Grin Bagel's picture

Thank you, falak pema, for your reasoned and informed response to above fuck ya' knee jerks, with an emphasis on the jerks part.

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