©Reuters. FILE PHOTO: A logo of French bank Societe Generale is seen on the company’s skyscraper in the financial and business district of La Defense, near Paris, France, September 14, 2023. REUTERS/Gonzalo Fuentes/File Photo
PARIS (Reuters) – Société Générale plans to cut around 900 jobs at its Paris headquarters through voluntary departures, France’s third-largest listed bank said on Monday, adding to a wave of job losses across the global financial sector.
The planned cuts, which will be submitted to SocGen’s unions, represent less than 2% of the bank’s total headcount and about 5% of head office staff.
“The goal is to group and pool certain tasks and functions, remove hierarchical layers to streamline decision making, and downsize certain teams due to project or process revisions,” SocGen’s statement reads.
The job losses come as SocGen CEO Slawomir Krupa seeks to save around 1.7 billion euros ($1.8 billion) by 2026, in keeping with similar moves at other global banks.
Deutsche Bank this month said it would cut 3,500 jobs while U.S. bank Citi in January said it would cut 20,000 jobs over the next two years.
SocGen employs around 52,000 people in France and 112,000 globally, according to its 2023 semi-annual financial report.
($1 = 0.9280 euros)