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The Societe Generale and Crédit du Nord networks will merge, 3,700 jobs eliminated by 2025


These job cuts will be based on "natural departures" and "reclassifications and internal mobility", assures the group which pr

There will be "no forced departure", assures Société Générale.

The banking group announced Tuesday that its new retail bank resulting from the merger of its network with that of Crédit du Nord will result in 3,700 net job cuts between 2023 and 2025. “These job cuts will be based on natural departures ( estimated at 1,500 per year by 2025) and the priority given to reclassifications and internal mobility, ”the group said in a press release.

"We use a progressive approach, spread over time," assured Sébastien Proto, deputy general manager of the group.

“This allows us to start all our training and individual support courses, well in advance of the actual implementation of the transformation.


Nearly 10 million customers

The Societe Generale group filed on Tuesday a file with its social partners specifying the model and detailed organization of its new retail bank in France. It is based on "a complete merger" of the two banks Crédit du Nord and Société Générale. "A single bank, with a single network, a single head office, and a single computer system, serving nearly 10 million customers and with more than 25,000 employees," the group underlined in its press release. The legal merger is expected to take place on January 1, 2023.

The bank will benefit from "a territorial network of 1,450 branches ensuring the maintenance in the same cities as today".

In total, the two networks held some 2,100 at the end of 2020, sometimes close to each other.

"The new model, that is to say the realization of the transformation such as the regrouping of agencies for example, will begin in 2023 and will run until 2025", added Sébastien Proto.

The group suffered a loss of more than one billion euros in the first half of 2020 under the effect of the Covid-19 crisis, before recovering in part in the third quarter.

Source: leparis

All business articles on 2021-10-12

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