Societe Generale is to merge large parts of its equities business with AllianceBernstein, with the companies having agreed to merge their cash equities trading and research units in a joint venture, according to a report by Bloomberg.

Societe Generale (SocGen) is to merge large parts of its equities business with AllianceBernstein, with the companies having agreed to merge their cash equities trading and research units in a joint venture, according to a report by Bloomberg.

SocGen will hold 51% of the combined business and will have the option in five years to take full control of the operation, which will be based in London and operate under the Bernstein name.

The report cites an unnamed source as saying that Bernstein Research chief executive officer Robert van Brugge will become CEO of the new entity, while SocGen head of cash equities Stephane Loiseau will be deputy CEO, with a spokeswoman for SocGen saying that "very limited" job losses are expected as the two businesses have little geographical overlap.

The joint venture between SocGen and AllianceBernstein, which is expected to close before the end of 2023, will be run as a “long-term partnership”, despite SocGen's option to take full control after five years.