EMCC European Monitoring Centre on Change

Societe Generale CIB

Societe Generale CIB

Geographic Location

Country: World
Location of affected unit(s): France, other undefined countries mainly in America and Asia


Sector: Financial services
Financial and insurance activities
64.1 - Monetary intermediation
Number Employed: 12000
Group: Societe Generale

Employment Effects

Announcement Date: 05-01-2012
Planned Job Reductions min: 1580
Planned Job Reductions max: 1580
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-04-2012
Foreseen End Date: 31-12-2012

Additional Information

On 5 January, French bank Société Générale announced to cut around 1,580 jobs at its corporate and investment bank branch (BFI) worldwide. 880 jobs will be cut in France in 2012 (13% of its workforce, see here) and 700 jobs will be cut in other unspecified countries, mainly in Asia and America.

This follows an announcement on 15 November stating that to "several hundred" jobs would be cut at Société Générale's French corporate and investment bank. The management attributed the cut to the need to meet the European Union's new capital rules.

In France, Société Générale will reduce its workforce without resorting to layoffs or forced departures. The plan will be based on voluntary departures and will give priority to internal mobility within the group.

Société Générale BFI employs 5,000 people in France and 7,000 employees in other countries.