French bank Societe Generale plans to cut 1,800 jobs in France via natural attrition and internal mobility, with no forced layoffs announced.
PARIS: French bank Societe Generale plans to cut 1,800 jobs in France by the end of 2027.
The bank stated the cuts are part of restructuring measures to reduce costs and bolster its capital position.
France’s third-largest bank, which employs some 40,000 people domestically, said there would be no forced layoffs.
The reductions will occur through “natural” shedding and “internal mobility” as part of its reorganisation.
The job cuts cover “several core activities and functions at headquarters, as well as the retail bank’s regional organisation,” the bank stated.
It added that “the branch network is not affected.”
The plan was to be officially announced to staff representatives later on Thursday.
The CGT union, which revealed the plan outline on Wednesday, slammed what it called a “fait accompli.”
“For management, the natural attrition rate of five percent (covering voluntary departures or retirements) and the low number of job openings mean there is no need for support measures we have seen up to now,” the union stated.
This follows a previous cost-cutting move in February 2024, when the bank shed some 900 posts at its headquarters.
That earlier reduction, also without forced departures, amounted to five percent of the headquarters’ workforce.
The plan was part of a broad cost-cutting strategy launched by new CEO Slawomir Krupa.
Employee representatives are due to approve the latest plan at a special plenary meeting in April.
