Societe Generale is set to slash 550 back office jobs in its French retail banking arm over the next five years.
The layoffs form part of a plan to shrink the bank’s administrative centre network in France to 14 from the existing 20.
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The French banking group said that it intends to make the redundancies through voluntary departures, instead of mandatory departures.
The latest move comes as the bank seeks to cut costs at its retail banking division while increasing automation and encouraging customers to use digital banking methods.
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