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Société Générale union says bank to cut 530 jobs in retail division by 2023

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Société Générale union says bank to cut 530 jobs in retail division by 2023

Société Générale SA is planning to cut 530 jobs in its French retail division by 2023, according to one of the unions representing French employees at the bank.

In a statement, the CGT union said unions had met with the new head of SocGen's French retail operations, Marie Christine Ducholet, on Sept. 20 and discussed 530 job cuts by 2023. The union gave no further details, and SocGen could not be immediately reached for comment.

Les Echos reported that two of 14 back offices would be closed, resulting in 360 job cuts out of a total of 3,000 in back-office staff.

The bank announced in April that it planned to cut 1,600 jobs worldwide in a bid to reduce costs and revamp its investment banking unit.

SocGen has been under fire from investors about high costs and low capital. Its shares have fallen 30.75% over the last year, underperforming the STOXX Europe 600 Banks Index, which has declined 17.09%.

The bank has been shedding nonstrategic assets to boost its common equity Tier 1 ratio, a key measure of financial strength, to address investor concerns about its capital levels, which have been weighing on its shares.

It embarked on a cost-cutting drive at its investment banking division following weak results at the end of 2018. It also revised its 2020 profit goals and planned to reduce risk-weighted assets at its global markets division by €8 billion.