Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

SocGen to present French retail restructuring plan to unions - Challenges

SocGen to present French retail restructuring plan to unions - Challenges
FILE PHOTO: The logo of French bank Societe Generale is pictured at a bank buidling in Paris, France, April 10, 2019. REUTERS/Christian Hartmann -
Copyright
CHRISTIAN HARTMANN(Reuters)
Euronews logo
Text size Aa Aa

PARIS (Reuters) – Societe Generale <SOGN>PA>, France’s third-biggest lender, is to present a new restructuring plan to unions on Sept. 20 that could affect 20 percent of retail banking employees in the country, business magazine Challenges reported on Wednesday.

Banking analysts expect French banks to accelerate cost cutting as lenders struggle to meet profitability targets on the back of a long period of rock-bottom interest rates.

Marie-Christine Ducholet, the new head of French retail business at SocGen, would meet unions on Friday, Challenges said, citing sources. The bank confirmed the meeting, Challenges said.

SocGen did not respond to a Reuters request for comment.

Unions had a meeting with chief executive Frederic Oudea on Sept. 12 at which he neither confirmed nor denied rumours about possible additional cost cuts.

Oudea told staff the bank would continue its “search for ways of reducing costs”, according to the hardleft CGT union.

(Reporting by Maya Nikolaeva; editing by Richard Lough)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.