((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
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Societe Generale SOGN.PA plans to cut around 900 jobs at its Paris headquarters through voluntary departures, France’s third-largest listed bank said on Monday, adding to a wave of job cuts across the global financial industry .
The planned cuts, which will be submitted to the SocGen unions, represent less than 2% of the bank’s total workforce and around 5% of the staff at its headquarters.
“The objective is to group and pool certain activities and functions, to eliminate hierarchical levels to streamline decision-making, and to resize certain teams due to the revision of projects or processes,” indicates the SocGen press release. .
The job cuts come as SocGen chief executive Slawomir Krupa seeks gross savings of around 1.7 billion euros ($1.8 billion) by 2026, Like other global banks which have taken similar measures.
Deutsche Bank DBKGn.DE said this month it would cut 3,500 jobs while U.S. bank Citi CN said in January it would cut 20,000 jobs over the next two years.
SocGen employs around 52,000 people in France and 112,000 worldwide, according to its 2023 half-year financial report. (1 dollar = 0.9280 euros)