SocGen to cut around 900 jobs at head office
Societe Generale
€26.84
10:14 05/11/24
-1.28%
-€0.35
Societe Generale confirmed on Monday that it plans to cut around 900 jobs at its head office in France as it looks to simplify its operations and improve efficiency.
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10:14 05/11/24
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The cuts represent around 5% of the bank's head office staff.
SocGen announced in a presentation last September that it was planning to "gradually and significantly" improve its cost/income ratio with around €1.7b in savings in 2026 compared with 2022.
"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," it said.