In an effort to streamline business processes and boost structural operational effectiveness, Societe Generale has disclosed plans to reorganise its head office in France, including 900 job cuts.
Societe Generale has set a target to improve its cost/income ratio steadily and significantly, with the attainment of about €1.7bn ($1.8bn) in gross savings in 2026 compared with 2022, during the presentation of the group’s plan of action in September 2023.
Synergies from ongoing efforts, including the establishment of a new retail bank in France, the digitalisation of Komerční banka’s operations, or the integration of LeasePlan into Ayvens, are included in this figure.
Furthermore, it also includes further savings of over €700m from recently started projects in all group companies to simplify the organisation, improve purchasing procedures, or optimise information systems.
Several French head office entities are currently contemplating organisational changes that call for particular social support measures.
Moreover, the goal is to streamline decision-making by removing hierarchical levels, grouping, and pooling specific tasks and functions, and resizing some teams in response to project or process reviews.
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This restructuring initiative, which would constitute a significant step toward reaching the additional savings desired, was submitted for consultation with the staff representing bodies.
The execution of these organisational changes would result in about 900 job cutbacks at head office without forced departures after the consultation period, which is set to end in the second quarter of 2024 (i.e., approximately 5% of head office workers).
Societe Generale would implement all of the assistance measures outlined in its social contract, including internal transfers, end-of-year help, and voluntary departures.
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