SocGen Plans Job Cuts Amid Workforce Changes

Societe Generale (SocGen) is moving forward with additional job reductions. French banks are set to announce their fourth-quarter earnings in February, while bonuses will not be issued until March. Reports indicate that the bank intends to eliminate 1,800 positions, which seem to align with existing strategies. Additionally, a third of employees—around 70—will be cut from its joint venture in Paris with AllianceBernstein.

The planned job cuts, which are expected to unfold by the end of 2027, are framed as a natural attrition process. Specifically, this represents about 4.5% of SocGen’s workforce, which totals around 40,000, meaning the company is effectively waiting for voluntary resignations.

However, the reaction from SocGen’s French employees hasn’t been positive. Although specifics will be released shortly, comments from CGT union representatives indicate a clear discontent with the plan. They have been requesting a meeting with management regarding the restructuring since June 2025, asserting that changes have been in motion for some time. The broader plan includes digitization efforts, streamlining management levels, enhancing internal mobility—like the implementation of a mobility career campus—and establishing multidisciplinary teams that span different areas such as data management, lending, and compliance.

These layoffs will follow a mandate that requires employees to return to the office four days a week starting in June. There are ongoing grievances among staff, as indicated by one employee from SocGen’s London office, who noted that “a significant proportion of our employees have applied for permanent flexible working arrangements.” In some cases, even those with valid medical and occupational health recommendations have faced rejection.

It appears likely that many of these employees might leave voluntarily, contributing to the anticipated 1,800 job cuts.

SocGen has not provided any comments or statements regarding these developments.