Société Générale is planning 1,800 job cuts in France through "natural attrition", a move unions say was presented after key employment safeguards were dismantled.
French banking group Société Générale is planning to cut 1,800 jobs in France by the end of 2027 as part of a wide-ranging reorganisation, according to a statement from the CGT union, which says the plan had been presented to staff representatives without a dedicated support package.
By Thursday afternoon in Europe, Société Générale shares were trading over 2% higher on the news, amid a broader market rally across the continent.
The proposed cuts come just weeks after the signing of a new employment agreement covering the 2026–2028 period, and would be carried out through natural attrition rather than early retirement or voluntary departure schemes, the union said.
Management is expected to formally submit the restructuring file to unions on Thursday, alongside a broader internal communication.
Union backlash over timing
In a statement following a meeting with senior executives, including the group’s secretary general Alexis Kohler, the CGT said unions were summoned individually to be presented with the reorganisation plans, rather than consulted in advance.
“The approach is neither correct, nor honest, and certainly not constructive,” the union said, adding that it had sought discussions on the planned reorganisations since mid-2025.
The CGT also criticised management for moving ahead only after dismantling safeguards contained in the previous 2019–2025 employment agreement and for simultaneously rolling back other arrangements, including teleworking.
“Management waited until they had dismantled the guarantees and mechanisms of the 2019–2025 employment agreement before summoning us,” the statement said.
Management argues for 'new phase'
According to the union’s account of the meeting, Kohler told representatives that the bank needed to enter a “new phase” following the achievement of key targets set out at its capital markets day.
Management has framed the reorganisation as part of a broader transformation aimed at making the group “more agile and operational”, including reducing layers of hierarchy and narrowing managers’ spans of control.
The plan is also linked to the new employment agreement, which prioritises internal mobility, retraining, and limited external recruitment.
Over several years, the changes would lead to a net reduction of 1,800 positions from a French workforce of around 40,000. Management argues that a natural attrition rate of around 5% a year means there is no need for additional support measures such as voluntary departure schemes.
Scope of the restructuring
The plan affects most of Société Générale’s French retail and support operations, although some business units are excluded, having already undergone restructuring in recent months.
Within Société Générale Réseau France (SGRF), 650 job cuts are planned at local level and a further 340 at national headquarters. The network would be reorganised from 11 regions to nine, with regional boundaries redrawn and greater delegation of decision-making powers.
“All colleagues will have a position, based on their skills and within their local employment area,” said Valérie Migrenne, HR director of SGRF, according to the union’s account. “We will manage this over time, with close collaboration and on an individual basis.”
Management has also outlined plans to centralise some functions, create national platforms for areas such as fraud prevention, and strengthen collaboration between digital and data teams.
Training operations would be consolidated within SG University.
Wider context
French banks have been under pressure to cut costs and simplify structures amid rising compliance requirements, digitalisation, and subdued growth in traditional retail banking.
Société Générale has already carried out several restructuring waves in recent years, including job reductions in investment banking and asset management.
Trade unions, however, have repeatedly warned that reliance on attrition risks increasing workloads and undermining service quality, particularly in regional networks.
“For the CGT, the provisions of the new employment agreement will not be sufficient,” the union said.
The restructuring file is due to be formally submitted to unions on 22 January. An expert review is expected to be commissioned within a week, followed by consultations with employee representative bodies in the affected entities.
Management is aiming for an exceptional plenary meeting by the end of April.
