Societe Generale laid off two dozen members of its U.S. fixed-income staff on Monday, saying it would limit its debt businesses to those areas which had been "historically profitable."

The $450 billion French bank is quitting the U.S. mortgage-backed securities and U.S. high-grade corporate bond businesses, said Sara Campbell, a spokeswoman for the bank. Some 24 traders and salespeople from those areas were given their notice on Monday, she confirmed.

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