The French banking group has confirmed jobs in the Alpine state are at risk.

Societe Generale is planning to cut its private banking team in Switzerland as it shifts activities from Lausanne to its new Swiss base in Geneva.

Under the plans, the bank will cut around 80 of the 420 jobs at its Swiss private banking business, Swiss newspaper Tribune de Geneve reported.

"The private banking activity of Societe Generale in Switzerland is considering reducing its workforce and has just started a consultation period so as to support its employees through this development. Furthermore, the bank has decided to transfer its activities from Lausanne to Geneva, within its new Swiss headquarters on rue du Rhône," Societe Generale Private Banking said in a statement.

"The project aims to enable the private bank to increase its operational agility and business development, and reinforce the quality of its client service. This evolution is in line with the private bank’s strategy, which seeks to strengthen its presence and development in Switzerland – out of Geneva and Zurich - a key country in Societe Generale Private Banking’s structure."

As reported in its recent first-half statement, the Paris-listed group had private banking assets under management of €116.8 billion ($130.2 billion) at the end of June, a rise of 0.4 per cent year-on-year. The increase was driven by €700 million of inflows, notably in the UK and France following the integration of the recently acquired Kleinwort Benson business.