SocGen to cut around 900 jobs at head office
By Michele Maatouk
Date: Monday 05 Feb 2024
(Sharecast News) - 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.
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.
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