Paris, France– French banking group Societe Generale announced plans on Monday to slash around 900 jobs at its head office as part of a cost-cutting program.
The group’s new chief executive, Slawomir Krupa, presented in September a strategic roadmap that included reducing costs by 1.7 billion euros ($1.8 billion) by 2026 compared to 2022.
Societe Generale said Monday that five percent of its head office staff would be cut as part of organizational changes “to simplify its operations and structurally improve its operational efficiency”.
The job reductions will be carried out “through internal transfers, end-of-year support or voluntary departures”, the bank added.
Societe Generale employs 117,500 people worldwide, including 56,000 in France.