Societe Generale (SOGN.PA) has announced plans to cut 1,800 positions within its French retail banking operations. The announcement follows a statement released by labour union CGT on Wednesday, which outlined the lender’s intentions to reorganise its French workforce of approximately 40,000 employees. The planned job reductions are expected to take place throughout 2026 and 2027, according to a press release issued by Societe Generale on Thursday. Societe Generale is a French multinational investment bank and financial services company.
The bank indicated that the restructuring will impact various activities and central functions at its headquarters, as well as the regional organisation of its retail banking division. According to the bank, this strategic move aims to adapt to the evolving needs of its customers and enhance operational efficiency across its French retail banking network. Societe Generale provides services to corporate, investment, and private banking clients.
To achieve the targeted reduction in workforce, Societe Generale intends to primarily utilise natural attrition. The bank also plans to invest in internal employee mobility and skills development programmes to facilitate the transition for affected staff members. Further details regarding the specific roles and departments impacted by the job cuts are expected to be released in the coming months as the reorganisation process progresses.
