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Société Générale : new retail bank in France

( - Today Société Générale is submitting an extensive file that specifies the model and detailed organisation of its new retail banking in France to its social partners.

The main principles are a new model based on a complete merger of the two retail banks Crédit du Nord and Société Générale, a locally based bank that has 11 regions with reinforced responsibilities, a territorial network of 1,450 branches, a more responsive, accessible and efficient bank, a bank that adapts more to the specific needs of each category of customers to be in the top 3 in terms of customer satisfaction, and a responsible Bank with an acceleration of CSR commitments.

In 2025, the new bank aims to have 25,000 employees, meaning 3,700 net job cuts between 2023 and 2025.

As a responsible employer, the group has made strong commitments which are confirmed: the merger will be carried out without any forced departures. These job cuts will be based on natural departures (estimated at 1,500 per year by 2025). A priority will be given to reclassifications and internal mobility, it said.

The group confirms that the legal merger will take place on 1 January 2023. On that date, all Crédit du Nord employees will automatically join the new organisation. The IT merger will take place in the first half of 2023.

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