Societe Generale Has Announced a Plan to Implement Organisational Changes in Its Head Office in France
05 Februar 2024 - 8:00AM
Societe Generale Has Announced a Plan to Implement Organisational
Changes in Its Head Office in France
Press releaseParis, 5 February 2024
Societe Generale has announced a plan to implement
organisational changes in its head office in France to simplify its
operations and structurally improve its operational
efficiency.
During the presentation of the Group’s strategic roadmap in
September 2023, Societe Generale announced a goal of gradually and
significantly improving its cost/income ratio, with the achievement
of approximately €1.7 billion in gross savings in 2026 compared
with 2022.
This amount includes synergies expected from initiatives already
underway such as the creation of the new retail bank in France, the
digitalisation of activities at Komerczni Banka or the integration
of LeasePlan into Ayvens. It also includes additional savings of
around €700 million from new projects launched in all Group
entities to streamline information systems, optimise purchasing
processes, or simplify the organisation.
In this context, 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.
This reorganisation project, which would represent a major step
in achieving the additional savings envisaged, is being submitted
today for consultation with the staff representative bodies.
Following the completion of the consultation scheduled for the
second quarter of 2024, the implementation of these organisational
changes would result in approximately 900 job cuts
at head office without forced
departures (i.e. approximately 5% of head office staff).
As a responsible employer, Societe Generale would deploy all the
support measures as part of its social pact through internal
transfers, end-of-year support or voluntary departures.
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00_
jean-baptiste.froville@socgen.com
Amandine Grison_+33 1 41 45 92
40_amandine.grison@socgen.com
Societe Generale
Societe Generale is a top tier European Bank with 117,000
employees serving 25 million clients in more than 60 countries
across the world. We have been supporting the development of our
economies for nearly 160 years, providing our corporate,
institutional, and individual clients with a wide array of
value-added advisory and financial solutions. Our long-lasting and
trusted relationships with the clients, our cutting-edge expertise,
our unique innovation, our ESG capabilities and leading franchises
are part of our DNA and serve our most essential objective - to
deliver sustainable value creation for all our stakeholders. The
Group runs three complementary sets of businesses, embedding ESG
offerings for all its clients:
- French Retail, Private Banking and Insurance,
with leading retail bank SG and insurance franchise, premium
private banking services, and the leading digital bank
BoursoBank.
- Global Banking and Investor Solutions, a top
tier wholesale bank offering tailored-made solutions with
distinctive global leadership in equity derivatives, structured
finance and ESG.
- International Retail, Mobility & Leasing
Services, comprising well-established universal banks
(in Czech Republic, Romania and several African countries), Ayvens
(the new ALD I LeasePlan brand), a global player in sustainable
mobility, as well as specialized financing activities.
Committed to building together with its clients a better and
sustainable future, Societe Generale aims to be a leading partner
in the environmental transition and sustainability overall. The
Group is included in the principal socially responsible investment
indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg
Gender-Equality Index, Refinitiv Diversity and Inclusion Index,
Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders
indexes, and the MSCI Low Carbon Leaders Index (World and
Europe).
For more information, you can follow us on Twitter/X
@societegenerale or visit our website societegenerale.com.
- PR SOCIETE GENERALE HAS ANNOUNCED A PLAN TO IMPLEMENT
ORGANISATIONAL CHANGES IN ITS HEAD OFFICE IN FRANCE
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