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SocGen to cut about 40 branches in France by 2027, source says

Reuters

By Mathieu Rosemain

PARIS, ‌Nov 5 (Reuters) - Societe Generale plans to close around ​148 ‌points of sale in France ‌by 2027, according to a document presented to unions ‌and confirmed by a person close to the matter on Thursday.

• The 148 targeted sites include ⁠close to 40 full-service ‌branches, bringing down the ⁠total number of branches to ​1,263 by the end of 2027 from 1,300 currently, ​the person said.

• The ​closures ‌are part of the French bank's ​effort to adapt its ⁠retail network to ‌changing customer habits ​and simplify ​operations at smaller locations, the source said.

• The restructuring will involve cutting about 80 jobs, ‌including 38 branch manager positions, but no forced departures are ‌planned, ​the person said.

• French business daily Les Echos was first to report the news.

(Reporting by ‌Mathieu RosemainEditing by Tomasz Janowski)