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French Bank SocGen To Cut About 900 Jobs At Paris Head Office

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. 

French Bank SocGen To Cut About 900 Jobs At Paris Head Office File Photo

New Delhi: Societe Generale, 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. (Also Read: Byju's Suspends Deal With Footballer Lionel Messi Amid Cash Crunch)

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. (Also Read: How Fate Caused This Indian Origin Billionaire Lose Nearly Everything Overnight; Rs 12,478 Crore Enterprise Sold For Mere Rs 74)

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% of these costs 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.