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Merger between Société Générale and Crédit du Nord: 3,700 net job cuts by 2025

2021-10-12T06:26:50.641Z

In a press release, the group said that these job cuts will be based on natural departures, at the rate of 1,500 jobs per year by 2025.



The Societe Generale group filed on Tuesday a file with its social partners specifying the model and the detailed organization of its new retail bank resulting from the merger of its network with that of Crédit du Nord.

It is based on a complete merger of the two retail banks Crédit du Nord and Société Générale: “

a single bank, with a single network, a single head office, and a single IT system, serving nearly 10 million customers and over 25,000 employees,

”the group said in its press release.

Read alsoSociété Générale wants to merge its network with that of Crédit du Nord

The transition from two IT systems to one will allow it to accelerate its digital transformation.

Today, we are spreading our investment envelope over two computer systems.

At the end of the day, that means less euros invested per customer,

”emphasizes Sébastien Proto, deputy general manager of the Société Générale group.

The group, which also owns the online bank Boursorama, is targeting 30% of “

fully digital

sales

in 2025 on eligible products

”.

The bank will benefit from "

a territorial network of 1,450 branches ensuring the maintenance in the same cities as today

" assured Sébastien Proto. In total, the two networks held some 2,100 at the end of 2020, sometimes close to each other. This territorial anchoring should be reflected in the group's brand strategy, which will have a national brand, associated with regional names among the brands of the Crédit du Nord group (Crédit du Nord, Courtois, Tarneaud, Laydernier, SMC). "

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.

Read alsoHow banking applications are disrupting the relationship between banks and their customers

This merger will result in 3,700 net job cuts between 2023 and 2025, "

without any forced departure

".

The

press

release specifies that "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

".

We use a progressive approach, spread over time,

” said Sébastien Proto.

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

"

The legal merger should take place on January 1, 2023. The IT merger of the two networks will take place in the first half of 2023.

Source: lefigaro

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