SocGen to cut about 900 jobs in France, sources say

Societe Generale, opens new tab, France's third-biggest listed bank, is set to cut about 900 jobs in its home country this year, two sources close to the matter said, as CEO Slawomir Krupa seeks to cut costs to boost profits. The job cuts will mostly target IT and other support functions at the lender's headquarters in La Defense business district in the French capital, the sources said. They will be made through voluntary departures, the sources added, declining to be named because the workforce reduction hasn't been yet announced.

The exact number of job cuts will be between 900 and 1,000, representing less than 2 of the total French workforce, one source said. SocGen employs about 52,000 people in France and around 112,000 globally, according to the lender's half-year 2023 financial report. SocGen declined to comment. The bank will report full-year earnings next week, on Feb. 8. Tasked to revive SocGen's stock price and profitability, Krupa told investors last September he would cut costs by about 1.7 billion euros by 2026.

About 40 per cent of these cost cuts are new gross savings beyond already announced synergies, notably from the merger of SocGen's two retail brands in France. French newspaper Les Echos was first to report news of the job cuts on Saturday.