Societe Generale to cut 900 staff, close 300 branches

Societe Generale to cut 900 staff, close 300 branches

French bank SocGen is taking the axe to its business once again, announcing plans for a further 900 job reductions and the closure of 15% of its branch network.

The three-year plan will involve a further rationalisation of the branch network, cutting the number of high street outlets from 2000 to 1700 stores, a consolidation of back office centres from 20 to 14, and the automation of 80% of front-to-bck processes.

The bank is also dedicating EUR150m to "disruptive innovation projects", which will be achieved through equity investments in startup businesses..

The overhaul could lead to a headcount reduction of approximately 900 employees, in addition to the 2,550 already announced at the beginning of 2016, taking the total number to around 3,450 by 2020.

The reorganisation will result in the bank recording an exceptional charge of around EUR400 million in Q4 17, with the aim of generating EUR1.1 billion in annual savings.

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