Societe Generale is considering outsourcing 400 back-office jobs at its corporate and investment bank, according to two union memos seen by Reuters.
Reuters reports that the plan, in which consulting company Accenture would take on staff working mainly in custody and securities services, could be extended to other businesses, such as broader financing, the memos suggested.
'(It is) a project to transfer 400 jobs ... Accenture is asking that the transfer be mandatory', one memo drafted by the CGT union said.
In the meantime, Bloomberg reports that Morgan Stanley was sued by DZ Bank, a clearinghouse for cooperative banks in Germany, over claims the investment bank misrepresented and omitted information about $694m in mortgage-backed securities.
Finally, The Daily Telegraph reports that UBS is braced for a record multi-million pound fine for failures in its systems and controls that allowed former employee Kweku Adoboli to conduct Britain?s biggest bank fraud.
The Swiss bank is 'ready to settle' with the Financial Services Authority which has restarted its enforcement procedures after the criminal case dramatically ended with Adoboli being jailed for seven years on Tuesday night.
Experts warned that the fine is likely to be 'tens of millions' of pounds for multiple failures of systems, controls and supervision that allowed Mr Adoboli to clock up ?1.4bn losses - the largest unauthorised trading loss in British history.
SocGen considers outsourcing 400 back-office jobs
Morgan Stanley Sued by German Lender Over Mortgage Bonds
UBS faces record fine following Kweku Adoboli fraud
Source: http://hereisthecity.com/2012/11/22/socgen-1/
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