French bank SocGen to cut about 900 jobs at Paris head office

(Reuters)-05/02/2024

Societe Generale (SOGN.PA), opens new tab, France’s third-biggest listed bank, said on Monday it plans to cut about 900 jobs at its Paris headquarters through voluntary departures.

The planned job losses, which will be submitted to SocGen’s trade unions, represent less than 2% of the bank’s total workforce and around 5% of staff at its headquarters.

“The objective is to group and pool certain activities and functions, remove hierarchical layers to streamline decision-making and resize certain teams due to reviews of projects or processes,” SocGen said.

The cuts come as SocGen CEO Slawomir Krupa seeks to cut costs to boost profit, with the bank looking to achieve around 1.7 billion euros ($1.8 billion) in gross savings in 2026.

SocGen employs about 52,000 people in France and 112,000 globally, according to its half-year 2023 financial report.

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