SocGen Wants to Cut 2,000 Jobs
World Economy

SocGen Wants to Cut 2,000 Jobs

French bank Societe Generale wants to cut 2,000 jobs and close 400 branches in its French retail banking business, the CFDT union said in a statement on Tuesday, Reuters reported. This follows news last month that the bank was considering closing 20% of its roughly 2,000 branches in France. “The number of job cuts is not confirmed and is the subject of negotiations with unions,” Societe Generale said in a statement, adding that cuts would be made through retirement plans. Banks across Europe are reorganizing their retail businesses to drive growth in a low interest rate environment as mobile and internet banking become widely used among clients and footfall in branches declines. SocGen said last month it planned to cut 420 staff in France via voluntary departures and non-renewal of expiring contracts as part of a drive to save €850 million between 2015 and 2017.

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