French bank Société Générale has announced plans to cut 1,800 jobs in France by the end of 2027 as part of a restructuring programme, though it said there would be no compulsory redundancies.
France’s third-largest bank, which employs around 40,000 people in the country, said the reductions would occur through “natural” attrition and “internal mobility” as part of efforts to lower costs and strengthen its capital position.
The job cuts, which are to be formally presented to staff representatives later on Thursday, will affect “several core activities and functions at headquarters, as well as the retail bank’s regional operations,” the bank said.
“The branch network will not be affected,” it added.
The CGT union, which disclosed the plan outline on Wednesday, criticised it as a “fait accompli”.
“For management, the natural attrition rate of five per cent — covering voluntary departures or retirements — and the limited number of job openings mean there is no perceived need for the support measures we have seen until now,” such as voluntary departures or redeployment, the union said.
In February 2024, the bank had already announced it would cut around 900 posts at its headquarters, again without any forced redundancies, representing five per cent of the headquarters’ workforce, as part of a broader cost-cutting plan launched by new CEO Slawomir Krupa.
Employee representatives are expected to vote on the plan at a special plenary meeting in April.
