Hugh de Lusignan, international head of European equity sales SG Securities, and other senior staff in the London office of the French bank are to lose their jobs, as part of a restructuring of Société Générale's European equity business.

Société Générale is set to announce a significant restructuring of its London-based equities division next week. The move follows an extensive search for cost cuts by Mark Litzler, head of international equities at the Paris headquarters of the French bank. A spokesman for SG in London confirmed that the bank was reviewing its commitment to certain investment banking businesses, but declined to comment further.