Societe Generale is cutting management layers as chief executive Slawomir Krupa continues efforts to simplify the bank’s structure, reported Bloomberg.
The changes are now taking place within the corporate and investment banking division, including trading and risk functions.
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Some staff have already been removed from management roles, the people said, speaking on condition of anonymity because the matter is private.
One method being used is to raise the number of staff reporting to each manager, they said.
In some teams, this means one manager overseeing 7 to 8 employees rather than 4 to 5 before, according to the people.
The process has been under way for some time and is expected to run for several more weeks.
It also extends across broad areas of the bank, including retail, finance and human resources, the people said.
The move forms part of Krupa’s wider plan to reorganise the lender and reduce expenses. Krupa took charge three years ago.
He has already announced significant job cuts and disposed of several businesses.
Even so, the bank’s cost-income ratio remains well below the European average, as per the report.
At last week’s annual general meeting, Krupa said the bank’s efficiency programme still needs to continue because it remains behind rivals on that measure.
A spokesperson for the bank declined to comment on the details and referred instead to a January statement in which the bank announced 1,800 job cuts and said it would “enhance its operational efficiency, simplify its organisation, and invest in skills development and internal mobility.”
