Type
Internal restructuring
Country
France
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

420 jobs
Number of planned job losses
Job loss
Announcement Date
21 September 2015
Employment effect (start)
1 January 2016
Foreseen end date
31 December 2017

Description

The bank group Sociéte Générale has announced it will cut up to 420 positions in France by the end of 2017 in the framework of a costs saving programme of €850 million. The measure is to affect the bank’s corporate and investment banking sectors. As in the previous restructuring of 2013, the reorganisation will affect positions within its back office services and its support functions (98 jobs to be cut in the finance department, 59 jobs to be cut in the human resources department, 31 jobs to be cut within the communication department). According to management, who will avoid forced dismissals, the restructuring will not start before the beginning of 2016, after discussion with unions and employees representative. The workforce of the bank has decreased over the last few years with restructuring announced at a worldwide level in 2012 and 2013 ; and in France, in 2010, mid 2013 and end of 2013. Société Générale employs 148,300 people worldwide.


Sources

  • 21 September 2015: Les Echos

Citation

Eurofound (2015), Société Générale, Internal restructuring in France, factsheet number 86023, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86023.