French banking group Société Générale has unveiled plans to slash 947 jobs at its head office as part of a cost-cutting programme, a move unions have decried as "an earthquake" for workers.
Société Générale said Monday that five percent of its head office staff would be cut as part of organisational changes "to simplify its operations and structurally improve its operational efficiency".
In September, the group's new chief executive, Slawomir Krupa, presented a strategic roadmap that included reducing costs by €1.7 billion by 2026 compared to 2022.
The job reductions will be carried out "through internal transfers, end-of-year support or voluntary departures," the bank says.
In a message to staff see, the bank said structural costs had to be reined in to bolster competitiveness and profitability.
One move in that direction is the bank merging its Credit Du Nord network under the SG brand.
The group will cut its branches significantly with 1,450 planned for 2025 down from 2,100 five years earlier.
Unions slam job cuts
Several unions have expressed concern over cuts which had been leaked to the media without management reacting.
"Where is the company's social responsibility?" asked Michael Plessiet of the CFTC – the French Federation of Christian Workers.
Société Générale employs 117,500 people worldwide, including 56,000 in France.
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