Key facts
- The 148 targeted sites include close to 40 full-service branches, the person close to the matter said.
- The plan would reduce SocGen's branch total to 1,263 by the end of 2027 from 1,300, the person said.
- The restructuring involves cutting about 80 jobs, including 38 branch manager positions, the person said.
- No forced departures are planned under the restructuring, according to the person close to the matter.
- SocGen said the closures aim to adapt its retail network to changing customer habits and simplify operations at smaller locations, the person said.
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 November 5. The Reuters report, dated November 5, cited that person for the details of the plan.
The 148 targeted sites include close to 40 full-service branches, the person said. That would bring the bank's total number of branches to 1,263 by the end of 2027 from 1,300.
The person said the closures are part of the French bank's effort to adapt its retail network to changing customer habits and to simplify operations at smaller locations. 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.