Societe Generale to cut 3,700 jobs in merger

Tuesday, 12. October 2021 08:28

Societe Generale announced on Tuesday that its merger with Credit du Nord will eliminate the need for 3,700 net positions by 2025, but without any "forced departure."

"These job cuts will be based on natural departures (estimated at 1,500 per year by 2025) and priority given to reclassifications and internal mobility," a statement from the company said.

The legal merger of the two banks is due to take place on January 1, 2023, with the merger of the two IT networks planned for the first half of 2023.

Related Links: Société Générale S.A.
Author:
Breaking the News / IB