French lender Societe Generale is set to shutter 300 of its 2,000 local retail banking branches and axe up to 900 staff by 2020.
The layoffs, along with the 2,550 announced last year, will take the total headcount reduction to nearly 3,450 by 2020.
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The redundancies are part of the bank’s 2020 strategic plan, which also includes reduction in the number of back office centres and automation of 80% of front-to-back processes.
Moreover, the bank targets additional revenue of €3.6bn and total savings of €1.1bn within three years, and plans to offload or close non-core businesses. The changes will result in the group booking a charge of €400m in the fourth quarter of 2017.
Societe Generale CEO Frederic Oudea said: “Our 2020 strategic plan, Transform to Grow, is based on a long-term vision of the Societe Generale Group as a trusted partner for our clients, committed to the positive transformations of our societies and economies.
“Our ambition is therefore to generate superior, profitable and sustainable growth. In a European banking sector undergoing radical industrial change, the Group is ready to enter into a new phase of its development and transformation.”
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