French bank SocGen cuts 3,700 jobs, no compulsory redundancy

Paris-French bank Societe Generale said on Tuesday that it would reduce 3,700 jobs between 2023 and 2025 by integrating its retail network with its unit, Crédit du Nord, but it is compulsory. He added that there is no such redundancy.

The new retail bank is targeted at 25,000 employees, and the reduction will be driven by a natural reduction of an estimated 1,500 employees per year by 2025.

Announced in September 2020, the merger will create a single bank with one branch network, one headquarters, and one IT system, serving nearly 10 million clients.

SocGen, France’s third-largest publicly traded lender, said the regrouped network will have approximately 1,450 branches in 2025, and branch regrouping does not include exits from any town. rice field.

Banks said restructuring is a preemptive approach to the multiple challenges retail banks face, especially low interest rates, competition, new entrants, and the acceleration of digital use by pandemics.