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Societe Generale plans job cuts in France to trim costs- Bloomberg News



© Reuters. People walk past a logo of French bank Societe Generale in front of the company’s skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. REUTERS/Gonzalo Fuentes/File Photo

(Reuters) – Societe Generale (OTC:) is preparing to cut hundreds of jobs in its home market as part of Chief Executive Officer Slawomir Krupa’s effort to rein in costs, Bloomberg News reported on Friday.

France’s third-biggest listed bank plans to announce the redundancies across its domestic operations in the coming weeks, the report said, citing people familiar with the matter.

More than 500 roles could be affected, one of the persons said.

Societe Generale declined to comment on the report.

Krupa, who took the reins of the company in May, is striving to revive the bank’s shares by delivering on the cost-cutting and conservative targets he set out in September.

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