The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
550 jobs Number of planned job losses
Announcement Date
9 March 2016
Employment effect (start)
1 June 2016
Foreseen end date
31 December 2020
Description
The management of the bank Société Générale has announced to its representative unions, a reorganisation of its back office platforms network. The bank will reduce the number of platforms from its current 20 to 14 in France by 2020. In the meanwhile, the platforms will be specialised and the bank will invest in the digitalisation of the processes. The reorganisation will lead to a cut of about 550 positions in the next five years, out of a total workforce in its network of agencies of 28,000 employees. According management, there will be no forced dismissals. The management explains this decision is part of a large program of change launched in 2015 that will also lead to the investment €1.5 billion in digitalisation and to increase its training budget to €150 million instead of the current €75 million. The announcement came five months after its announcement of the closure of 20% of its bank branches by 2020 that will lead to 2,000 positions being cut out of a total workforce of 28,000 working in the network (see ERM FS). In September 2015, Sociéte Générale already announced that it will cut 420 positions in France by the end of 2017 in the framework of a costs saving programme of €850 million in the bank’s corporate and investment banking sectors. A previous restructuring also affected these activities in 2013. The workforce of the bank has decreased over the last few years with restructuring announced at a worldwide level in 2012 and 2013; and in France in mid 2013 and end of 2013. Société Générale employed 148,300 people worldwide and 41,199 in France as of 31 December 2014.
Sources
9 March 2016: Company press release
10 March 2016: Les Echos
11 March 2016: Normandie Actu
Citation
Eurofound (2016), Société générale, Internal restructuring in France, factsheet number 86685, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86685.
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