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
900 jobs Number of planned job losses
Announcement Date
27 November 2017
Employment effect (start)
1 January 2018
Foreseen end date
1 January 2020
Description
The management of the bank Société Générale has notified the representatives of the unions about a reinforcement of its reorganisation aiming to close 20% of its bank branches in France by 2020. On 28 November 2017, the bank has announced to investors the additional closure of about 100 branches. This new plan will lead to cut, according to the bank, 900 supplementary position to the 2,550 already announced in 2015 and in the beginning of 2016. The total of job cuts will therefore increase from 2,550 to 3,450 by 2020 (9% of the workforce of the bank branches). According to the management, there will be no forced dismissals since a voluntary departure programme is in place.
At the beginning of 2016, the bank announced its aim to close of 20% of its bank branches by 2020 that lead to 2,550 positions being cut out of a total workforce of 28,000 working in the network. In March 2016, it announced to cut 550 positions to reduce the number of platforms from its current 20 to 14 in France by 2020 and digitalise about 80% of processes between agencies and back offices.
In September 2015, Sociéte Générale announced that it was going to cut 420 positions in France by the end of 2017 in the framework of a costs saving programme of €850 million in the bank’s corporate and investment banking sectors. A previous restructuring also affected these activities in 2013. The workforce of the bank has decreased over the last few years due to restructuring plans announced at a worldwide level in 2012 and 2013 ; and in France, in mid 2013 and end of 2013.
Sources
27 November 2017: Le Monde
27 November 2017: Les Echos
Citation
Eurofound (2017), Société Générale, Internal restructuring in France, factsheet number 92636, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92636.
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