French bank Societe Generale is pondering outsourcing around 400 corporate and investment back office jobs to Accenture, according to Reuters.
A memo drafted by the CGT union, obtained by Reuters, says most of the affected jobs would be in custody and securities services and that the move could save between EUR90 million and EUR160 million.
A SocGen spokesman confirmed to Reuters that it is talking to an "outside partner" about creating a European back-office custody business that would offer services to other financial institutions.
At least one other French bank is interested in taking part in the project, and 25 are being approached, says Reuters' source.