Societe Generale to axe 1,800 roles in home market

Core Viewpoint - Societe Generale plans to reduce its workforce in France by 1,800 positions primarily through natural attrition as part of a broader organizational restructuring aimed at enhancing operational efficiency and simplifying its organization [1][3]. Group 1: Workforce Reduction - The proposed job cuts will affect several central functions at the bank's headquarters and some regional areas within the retail banking sector, but the branch network will remain unaffected [3][4]. - The job reductions align with terms agreed upon with three trade unions as part of an employment agreement signed on December 15, 2025, and there will be no formal redundancy plan, focusing instead on internal transfers [4][5]. Group 2: Organizational Restructuring - Societe Generale has conducted a collaborative program involving nearly 2,000 staff members to gather suggestions for enhancing efficiency, including team consolidation, process simplification, better procurement practices, and increased use of automation and AI [2][3]. - The bank's strategic roadmap announced in September 2023 emphasizes sustainable performance, operational efficiency, and investment in skills development and internal mobility [3][5]. Group 3: Employee Support Initiatives - To support employees affected by the restructuring, Societe Generale plans to enhance training programs and introduce a new Mobility and Skills Campus to facilitate career development and transitions within its business units [5]. - The organizational adjustments are expected to be phased in throughout 2026 and 2027, with potential further changes for retail banking operations beyond those years [5]. Group 4: Technology Integration - Last year, Societe Generale implemented anti-financial crime technology from Palantir Technologies in its international retail banking operations, utilizing tools with analytics and machine learning capabilities to combat financial crimes such as money laundering and fraud [6].