Société Générale announces organisational changes at its Paris head office
<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-1536×1024.jpg 1536w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-2048×1365.jpg 2048w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2024/02/FIN-LP-SocGen-announces-organisational-changes-at-its-Paris-head-office-iStock-1285845341-500×333.jpg 500w" sizes="(max-width: 250px) 100vw, 250px" /><p><i><span data-contrast="auto">Forbes</span></i><span data-contrast="auto"> reported that January cuts reached an approximate 15-year high as more than 82,000 employees lost their jobs in US-based companies. The media agent attributes these movements to persistent interest rate hikes during 2023.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto"><a href="https://www.leaprate.com/forex/institutional/broadridge-adds-societe-generale-to-its-distributed-ledger-repo-platform/" target="_blank" rel="noopener">Société Générale</a>’s planned job cuts make up around 5% of the employees at its headquarters and less than 2% of its total staff complement. In September 2023, the institution tabled strategies to improve its cost vs income ratio and set a 2026 savings target of about €1.7bn. To achieve this target, Société Générale is in the process of realising a new retail outlet in France, digitising functions at Komerčni banka, and integrating LeasePlan into Ayvens.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
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<p><span data-contrast="auto">Other measures include savings from new projects and the job cuts at its head office. According to Reuters, this move syncs with those of other banks, such as the 3,500 and 20,000 job cuts at Deutsche Bank and Citi respectively. </span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto">In its press statement,</span> <span data-contrast="auto">Société Générale said: </span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
<blockquote><p><span data-contrast="auto">Several French head office entities are considering organisational changes that require specific social support measures. The objective is to group and pool certain activities and functions, remove hierarchical layers to streamline decision-making and resize certain teams due to reviews of projects or processes.</span></p></blockquote>
<p><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span><span data-contrast="auto">The bank stressed that these cuts are voluntary and no one will be forced out of their position. The company’s 2023 half-year financial report showed that it employed 52,000 people in France and 112,000 worldwide.</span><span data-ccp-props="{"201341983":0,"335559739":0,"335559740":240}"> </span></p>
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