Société Générale ( SOGN.PA ) has announced plans to cut 1,800 positions in its French retail banking operations. The announcement follows a statement issued by labor union CGT on Wednesday, outlining the lender’s intentions to restructure its French workforce of around 40,000 employees. According to a press release issued by Societe Generale on Thursday, the planned job cuts will take place in 2026 and 2027. Societe Generale is a French multinational investment bank and financial services company.
The bank indicated that the restructuring will affect various activities and central functions at its headquarters as well as the regional organization of its retail banking division. According to the bank, this strategic move aims to adapt to the evolving needs of its customers and increase operational efficiency in its French retail banking network. Societe Generale provides services to corporate, investment, and private banking clients.
To achieve the targeted reduction in the workforce, Société Générale primarily intends to exploit natural volatility. The bank also plans to invest in internal employee mobility and skill development programs to ease the transition of affected staff members. More details about the specific roles and departments affected by the job cuts are expected to be released in the coming months as the restructuring process progresses.
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