Banking

French lender Societe Generale to slash 900 jobs in cost-cutting drive

Slawomir Krupa, the chief executive at Societe Generale, has pledged to cut expenses by €1.7 billion by 2026 and bring the firm’s cost-to-income ratio below 60 per cent

Major lenders such as Deutsche Bank and Citigroup are also slashing their workforces, along with Societe Generale which announced plans to trim its workforce by about 900 employees. Picture: Nathan Laine/Bloomberg

Societe Generale plans to cut about 900 jobs at its French head office as part of Slawomir Krupa’s plan to cut costs and strengthen capital.

The reductions represent about 5 per cent of the head office staff at the Paris-based lender, SocGen said in a statement Monday that confirmed an earlier report by Bloomberg News. The plan will avoid forced departures and consultations with unions are expected to be completed in the second quarter.

SocGen ...