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Merger of Socit Gnrale and Crdit du Nord: a new step taken

Societe Generale announced on Thursday the signing of an agreement on employment and skills with the unions as part of the merger of the retail banking activities of the parent company and Credit du Nord, which involves layoffs .

The agreement signed today, unanimously by the representative trade unions, makes it possible to build a social support system for employees adapted to the challenges of the creation of our new bank, welcomes the group in a press release. A majority of the employees surveyed by the CGT opted for the signing of the draft agreement of the devices and guarantees within the framework of the merger Socit Generale – Credit du Nord, indicates the union in a separate press release. The agreement is necessary to support the employees even if we are not in favor of the merger, is it quite clear.

3000 net job cuts

This project detailed last October will lead to 3,000 net job cuts between 2023 and 2025, without any forced departures, repeated Socit General. Some 100 million euros will be devoted between 2022 and 2025 to a plan for the training and support of employees, whose profession will evolve within the framework of this merger. The new bank will also benefit from a territorial network of 1,450 branches – compared to 2,100 in total at the end of 2020 – maintained in the same cities as today.

This territorial anchoring should be reflected in the group’s brand strategy, which will adopt a national brand, associated with regional names from Crdit du Nord (Crdit du Nord, Courtois, Tarneaud, Laydernier, SMC). The brand strategy will be unveiled in 2022.

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The legal merger should take place on January 1, 2023 and the IT merger in two stages, in the first half of 2023.

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