French bank SocGen to cut about 900 jobs at Paris head office
Société Générale plans to cut about 900 jobs at its Paris headquarters through voluntary departures, France’s third-biggest listed bank said on Monday (Feb 5), adding to a wave of job losses in the global financial industry.
The planned cuts, which will be submitted to SocGen’s trade unions, represent less than 2 per cent of the bank’s total workforce and about 5 per cent 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’s statement said.
The job losses come as SocGen CEO Slawomir Krupa seeks about US$1.8 billion in gross savings by 2026, chiming with similar moves at other global banks.
Deutsche Bank this month said it would cut 3,500 jobs, while US bank Citi in January said it would axe 20,000 jobs in the next two years.
SocGen employs about 52,000 people in France and 112,000 globally, according to its 2023 half-year financial report. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
China’s CICC demotes senior bankers, cuts pay to slash costs
Citi promotes Damien Tan to corporate banking head for Singapore
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane
RBNZ has limited scope to cut cash rate this year: OECD
Crypto.com wants to sponsor more sports after Formula One Miami