The banking group Socit Generale plans to cut more than 500 positions in France, as part of a cost reduction plan launched by new general director Slawomir Krupa, Bloomberg agency reported on Friday, citing sources close to the matter.
Contacted by AFP, management made no comment. The group employs some 56,000 people in France, out of 117,500 worldwide, according to its reference document.
Slawomir Krupa announced in September a new strategic plan including gross cost savings of around 1.7 billion euros by 2026.
An announcement expected in the coming weeks
In France, the group in particular merged Socit Générale and the banks of the Crdit du Nord group under the SG brand, aiming for greater efficiency in the retail network, with a reduced cost base. An announcement of the job cuts is expected in the coming weeks, according to Bloomberg. Societe Generale is due to announce its 2023 results on February 8.
Reproduction forbidden.