11.09.2020

Societe Generale To Cut 640 Positions

In Q3 2020, Societe Generale Group demonstrated its ability to rebound and its financial solidity.  The Group also reaffirmed its determination to continue the in-depth adaptation of its businesses and functions in order to sustainably improve its commercial and financial competitiveness in a deteriorated and uncertain economic environment and at a time when the banking sector’s structural challenges – economic, technological, competitive and ecological – are exacerbated by the Covid-19 health crisis.

In this context, the Group announces several organisational adjustment projects that would contribute to improving the Group’s operational efficiency and structural profitability, while reinforcing the customer experience and the digitisation and respecting the highest standards in terms of risks and compliance.

Several projects are linked to the implementation of the adjustments decided and announced at the beginning of August to reduce the risk profile of the credit and equity structured products business.  These projects thus concern market activities and associated functions and would contribute to the objective of reducing costs by EUR 450m by 2022-2023 in order to improve the profitability of these activities, while maintaining the leadership position in the investment solutions franchise.

In addition, the Securities Services business and several Group central functions (risk, compliance, human resources and communication) are considering organisational adjustments to improve their operational efficiency and respond to the specific challenges of their activities.

The submitted files will be subject to the consultation of employee representative bodies in France. The adjustments and optimisations envisaged should result in a net reduction of about 640 positions in France, without forced redundancies. In the framework of the employment agreement signed in 2019, Societe Generale will maintain all of its commitments as a responsible employer to support each employee by encouraging mobility or by resorting to voluntary departures when necessary.

Source: Societe Generale

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