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SocGen to Cut 1,800 Jobs in France by End of 2027, Union Says
Société Générale will reduce 1,800 jobs by 2027 through natural attrition and internal mobility, affecting headquarters and regional retail functions without forced layoffs, management said.
- On Thursday, Société Générale submitted a restructuring file to employee representative bodies, planning to cut 1,800 jobs in France by the end of 2027.
- Management framed the move as a cost and capital-strengthening drive linked to the Employment Agreement signed on December 15, 2025, with gradual implementation in 2026 and 2027.
- The plan relies on natural attrition and internal mobility rather than redundancies, with 650 local-level cuts and 340 national HQ cuts, network reorganisation, and expanded training via SG University and Mobility and Skills Campus.
- Investors pushed Société Générale shares over 2% higher on the news, while employee representative bodies are due to approve the plan at a special April plenary meeting and an expert review is due within a week.
- The move follows prior waves of restructuring at Société Générale, including February 2024 headquarters cuts, amid French banking sector pressure to reduce costs and simplify structures.
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The French bank indicated that it would seek the natural rotation of the staff without any travel plan, promoting internal professional mobility. A network of agencies will not be affected.
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Coverage Details
Total News Sources31
Leaning Left6Leaning Right2Center10Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 33%
C 56%
11%
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