Societe Generale says to cut 1,800 French jobs by 2027

"French bank Société Générale is planning to cut 1,800 jobs in France by the end of 2027 as part of restructuring measures, the bank said on Thursday, adding there would be no forced layoffs. France's third-largest bank, which employs some 40,000 people in France, said the jobs would go in the form of "natural" shedding and "internal mobility" as part of its reorganisation plans to reduce costs and bolster its capital position."

"The CGT union, which had revealed the plan outline 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 until now," such as voluntary departures or voluntary redeployment, the union regretted."

Société Générale will reduce its French workforce by 1,800 positions by the end of 2027 to cut costs and strengthen capital. The reductions will occur through natural attrition and internal mobility, and the bank states there will be no forced layoffs. The cuts target several core activities and headquarters functions as well as the retail bank's regional organisation, while the branch network will remain unaffected. The CGT union criticized the plan and lamented reduced support measures. The bank previously cut about 900 headquarters posts in February 2024. Employee representatives will review the plan at an April plenary meeting.

Read at The Local France