Highlights

  • The banking sector is witnessing a global trend of downsizing
  • Societe Generale outlined that the job cuts would be executed through various means

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Societe Generale announces 900 job cuts at Paris headquarters in strategic cost-cutting move

This action is a component of the banking group's comprehensive cost-cutting initiative. Accounting for just under 2% of the total bank workforce, this downsizing corresponds to approximately 5% of the personnel based at the headquarters.

Societe Generale announces 900 job cuts at Paris headquarters in strategic cost-cutting move

In a bid to streamline operations and trim costs, Societe Generale, France's third-largest listed bank, has unveiled plans to cut approximately 900 jobs at its Paris headquarters. The move is part of a broader cost-cutting program initiated by the banking group. Representing less than 2% of the bank's overall workforce, this reduction equates to about 5% of the staff located at the headquarters.

Societe Generale outlined that the job cuts would be executed through various means, including internal transfers, end-of-year support, and voluntary departures. The announcement follows the strategic roadmap presented in September by the bank's new CEO, Slawomir Krupa, aiming to achieve a $1.8 billion reduction in costs by 2026 compared to 2022.

The banking sector is witnessing a global trend of downsizing, with Societe Generale following suit as the impact of rising interest rates diminishes. Deutsche Bank recently declared its intention to eliminate up to 3,500 jobs, primarily in the back office, as part of its efforts to streamline its marketing network and enhance operational efficiency.

In the United States, Citigroup Inc. has also joined the wave of job cuts, disclosing plans to shed 20,000 roles. CEO Jane Fraser outlined that the reduction involves 5,000 employees in the current reorganization, another 5,000 from selling businesses, and an additional 10,000 from support functions like technology and operations.

Societe Generale's move reflects ongoing challenges faced by financial institutions globally as they navigate changing economic landscapes and seek to adapt to evolving market conditions. The voluntary departure approach underscores the bank's commitment to managing workforce changes with sensitivity and flexibility.

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