The Société Générale banking group plans to eliminate more than 500 jobs in France, within the framework of a cost reduction plan launched by the new CEO Slawomir Krupa, the Bloomberg agency reported on Friday, citing sources familiar with the matter. Contacted by AFP, the management did not comment.
The group employs about 56,000 people in France, out of 117,500 worldwide, according to its reference document.
New strategic plan
Slawomir Krupa announced in September a new strategic plan that includes “gross cost savings of around €1.7 billion until 2026.” In France, the group has merged Société Générale and the banks of the Crédit du Nord group under the SG brand, with the aim of “greater efficiency of the retail network”, with “a reduced cost base”.
The announcement of the job cuts is expected “in the coming weeks,” according to Bloomberg. Societe Generale is due to announce its 2023 results on February 8.
Source: BFM TV
