The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other Monetary Intermediation
947 jobs Number of planned job losses
Announcement Date
21 January 2024
Employment effect (start)
1 July 2024
Foreseen end date
Description
The Société Générale banking and IT corporation is undergoing significant organizational changes, set to fire 947 employees in the second trimester of 2024. The firing will take place via voluntary departures and by not replacing retired employees. These changes followed a new management led by Slawomir Krupa, which aims to restructure the internal framework of the bank. With the main objective of cost reduction, the new management anticipates savings of €700 million through these measures.
Job cuts will mainly affect the Société Générale central services, with 288 job cuts. Job reductions will also affect other support functions (back offices, IT) of the retail bank (185 job cuts), followed by IT (182 job cuts), Global Banking & Advisory (84 job cuts). Finance department will lose 77 jobs and HR services, 58 positions, some will be relocate to Bucharest (Rumania).
As the La Défense-based bank has undertaken a strategic review of its assets, with the withdrawal from Russia and then the sale of some of its subsidiaries in Africa, the central departments dedicated to international banking will also be affected, with 73 job losses.
The Société Générale bank has announced a reorganisation and will make a net reduction of around 640 positions in France, with no forced dismissals (Societe Generale 2019a - FR). In April 2019, the banking group had, in fact, undertaken to cut 1,600 positions, including 750 in France (Societe Generale 2019b - FR). On 28 November 2017, the bank has announced to investors the additional closure of about 100 branches with 900 job cuts (Societe Generale 2017 - FR).
Eurofound (2024), Société Générale, Internal restructuring in France, factsheet number 200713, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200713.
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