Societe Generale unveils plans to cut 1,800 roles

(Sharecast News) - French lender Societe Generale has announced plans to cut 1,800 job positions in France as part of an "organisational simplification" to improve operational efficiency. In a statement on Thursday, Societe Generale said the job cuts will focus on "several activities and central functions at headquarters", as well as the regional structure of the retail banking arm, though the brand network would not be affected.

The net number of positions would be reduced by 1,800 through natural attrition and internal career moves, the bank said.

The company said the workforce measures are in line with its strategic roadmap announced in September 2023 and its "ambition for sustainable performance".

The changes were set out in an employee agreement signed in mid-December with three trade unions, the bank said.

"Following consultation with the employee representative bodies, the planned changes would be implemented gradually in 2026 and 2027 for the activities concerned and potentially beyond for Retail Banking in France," Societe Generale said.

Shares in the bank were 1.8% higher at €69.92 by 0953 GMT.