French bank Societe Generale
France's second-biggest listed bank has also decided to exit or strongly reduce property, shipping and aircraft financing activities, as well as physical energy trading in North America, according to the 245-page memo sent to employee representatives.
(SocGen) CIB expects a significant drop in revenues for 2012 compared with 2011, weighed by higher charges linked to funding and balance-sheet reduction, the memo said.
A spokeswoman for SocGen declined to comment.
(Reporting by Lionel Laurent and Matthieu Protard)