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Business News/ Companies / News/  French bank Societe Generale announces 900 job cuts in cost-cutting program

French bank Societe Generale announces 900 job cuts in cost-cutting program

Societe Generale, France's third-biggest listed bank, plans to cut about 900 jobs at its Paris headquarters through voluntary departures as part of a cost-cutting program.

French bank Societe Generale announces job cuts (REUTERS)Premium
French bank Societe Generale announces job cuts (REUTERS)

Amid the wave of job losses in the global financial industry, France's third-biggest listed bank Societe Generale has announced to slash about 900 jobs at its Paris headquarters through voluntary departures. French banking group Societe Generale said the move has been taken as part of a cost-cutting programme. The planned cut represents less than 2% of the bank's total workforce and about 5% of staff at its headquarters.

The job reductions will be carried out "through internal transfers, end-of-year support or voluntary departures", the bank said.

In September, the group's new chief executive Slawomir Krupa, presented a strategic roadmap that included reducing costs by $1.8 billion by 2026 compared to 2022. Former CEO Oudea announced thousands of job cuts in the 15 years he spent at the helm.

Societe Generale employs 117,500 people worldwide, including 56,000 in France.

UBS to cut 90 jobs in Asia private wealth and investment banking

SocGen joins banks across the globe in seeking to reduce headcount as the tailwind from rising interest rates peters out. 

Last week, Deutsche Bank announced plans to cut as many as 3,500 jobs, mostly across its back office. The bank said it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. It said the reduction in the number of positions would mostly be for jobs that don't involve directly dealing with customers.

Deutsche Bank to slash 3,500 jobs

In the US, Citigroup Inc. said it will eliminate 20,000 roles. Earlier this month, the bank said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss.

Citigroup plans to slash 20,000 jobs over next two years

Headcount will be cut by 5,000 people in the current reorganisation, while another 5,000 employees will be culled from selling businesses, Citigroup CEO Jane Fraser said. A further 10,000 staff will be laid off from support functions like technology and operations, Reuters reported.

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Published: 05 Feb 2024, 02:35 PM IST
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