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Societe Generale, France's third-largest listed bank, is set to cut about 900 jobs in its home country this year, according to sources close to the matter, as reported by Mathieu Rosemain and Michel Rose for Reuters.
The job cuts will primarily target IT and other support functions at the lender's headquarters in La Defense business district in the French capital. I Photo: Jacques Paquier Flickr
The job cuts will primarily target IT and other support functions at the lender's headquarters in La Defense business district in the French capital. They will be made through voluntary departures, said the sources, who declined to be named because the workforce reduction has not yet been announced.
The exact number of job cuts will be between 900 and 1,000, representing less than 2% of the total French workforce, according to one source.
SocGen employs about 52,000 people in France and around 112,000 globally, according to the lender's half-year 2023 financial report. French newspaper Les Echos was the first to report news of the job cuts.
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