SocGen to Cut 3,700 Jobs as Part of Domestic Retail Merger
- Job reductions will not involve compulsory dismissals
- Societe Generale, Credit du Nord will legally merge in 2023
A Societe Generale bank branch in Paris.
Photographer: Benjamin Girette /BloombergThis article is for subscribers only.
Societe Generale SA expects to cut as many as 3,700 jobs as part of a plan announced last year to merge its domestic retail operations and boost profitability.
The reductions will be carried out between 2023 and 2025 and will stem from natural attrition, estimated at 1,500 per year, the bank said in a statement on Tuesday.