Société Générale may cut 500 jobs in France

Societe Generale is preparing to downsize its workforce. According to the Bloomberg agency, the banking group plans to cut more than 500 positions in France. The group’s central functions, which are mainly located at the headquarters in defence, will be affected. was asked by Le Figaro

, Société Générale, which employs 56,000 people in France, did not want to comment. Magazine earlier this month challenges Already reported possible job cuts in France.

The information comes four months after new general director, Slovomir Krupa, presented a strategic plan that included a cost-cutting component. In fact, it counts on savings of 1.7 billion euros by 2026. Societe Generale’s new strongman has a mission to restore investor confidence, as the company’s share price continues to weaken.

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Some hope the job announcements will be made during the group’s annual results presentation on February 8. The outcome of the group’s portfolio review is also awaited.

The job cuts, if confirmed, would be in addition to a project already underway to merge retail banking networks Société Générale and Crédit du Nord, which would lead to the elimination of 3,700 positions and 650 agencies in France. That is, savings of around 450 million euros from 2025. A project whose objective “More Efficiency of Retail Network”, with “Reduced Cost Basis”,

Depending on the banking group.