Societe Generale Slashes 1,500 Jobs – The Shake‑Up
Hard‑hit headlines from Le Figaro say that the French banking giant is set to trim 1,500 positions across its corporate and investment banking unit. Roughly 700 of those cuts will hit France itself, while the rest will ripple worldwide.
Why the Cut?
Societe Generale is tightening its belts with a €500 million cost‑reduction push. The move comes after the bank announced stronger-than‑expected 2018 profits, yet it’s still gearing up for a tougher fiscal year ahead.
The Plan in a Nutshell
- Two bird‑looking scenarios – both pin a total of 1,500 job slashes.
- About 700 of those layoffs will be in France.
- Management is “still reviewing” the Corporate & Investment (LCI) arm, so the exact hits remain under wraps.
- They promise to touch base with unions within 4‑8 weeks.
Union Response
Philippe Fournil, a CGT union face‑hug, can’t confirm the specifics yet but notes the bank is still in the “review” phase.
What We Know So Far
“We’re having an open dialogue with our unions and will get back to them on any plans and their impact once the review wraps up in a few weeks,” the bank said.
Looking Ahead
With aiming to tweak next year’s targets, Societe Generale is bracing for a bit of financial turbulence. But the focus remains on staying lean and agile – no matter how many folks leave the table.
