Societe Generale to cuts 900 jobs in France

Societe Generale to cuts 900 jobs in France

Société Generale is to axe 900 jobs from its head offices in France as part of a cost saving programme.

The French bank's new chief executive, Slawomir Krupa, presented in September a roadmap that included reducing costs by €1.7 billion over the next four years.

This amount includes synergies expected from initiatives already underway such as the creation of the new retail bank in France, the digitalisation of activities at Komerční banka or the integration of LeasePlan into Ayvens.

It also includes additional savings of around €700 million from new projects launched to streamline information systems, optimise purchasing processes, or simplify the organisation.

Within the bank's head offices in France, 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.

The plans, which entail approximately 900 job cuts, have been submitted for consultation with staff representative bodies.

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