Societe Generale has announced a plan to implement organizational changes in its head office in France to simplify its operations and structurally improve its operational efficiency.

During the presentation of the Group’s strategic roadmap in September 2023, Societe Generale announced a goal of gradually and significantly improving its cost/income ratio, with the achievement of approximately €1.7 billion in gross savings in 2026 compared with 2022.

This amount includes synergies expected from initiatives already underway such as the creation of the new retail bank in France, the digitalization of activities at Komerční banks, or the integration of LeasePlan into Ayvens. It also includes additional savings of around €700 million from new projects launched in all Group entities to streamline information systems, optimize purchasing processes, or simplify the organization.

In this context, several French head office entities are considering organizational changes that require specific social support measures. The objective is to group and pool certain activities and functions, remove hierarchical layers to streamline decision-making, and resize certain teams due to reviews of projects or processes.

This reorganization project, which would represent a major step in achieving the additional savings envisaged, is being submitted today for consultation with the staff representative bodies. Following the completion of the consultation scheduled for the second quarter of 2024, the implementation of these organizational changes would result in approximately 900 job cuts at the head office without forced departures (i.e. approximately 5% of head office staff). As a responsible employer, Societe Generale would deploy all the support measures as part of its social pact through internal transfers, end-of-year support, or voluntary departures.