After the announcement, the detail. Yesterday, Societe Generale unveiled to unions the nature of its vast plan for job cuts. In all, 1,600 jobs are threatened worldwide, including 752 in France. So far, the investment and financing bank, which groups together the market activities of Societe Generale, will be mainly affected with 1,200 fewer jobs out of a total of 22,000. And even the retail banking sector in The international and specialized financial services, though presented as an engine of the results of the group, will participate in the cure with 171 job cuts in France. According to the CFDT, job cuts in France would be "in the context of a conventional collective break." "There will be no forced departures," assured his side Séverin Cabannes, the Deputy Chief Executive Officer in charge of the bank of large customers and investor solutions (GBIS). This new plan is in addition to the extensive restructuring initiated since 2015 by the bank. In total, over the 2015-2020 period, the bank announced the removal of nearly 3,500 jobs, the closure of 500 branches, hoping for "1.6 billion euros in savings".
solid profits in 2018
Société générale is not, however, an isolated case. In recent years, banks are cutting their numbers. The pretexts are known: decline in profitability, arrival of artificial intelligence. Result, in the banking world, bleeding is considerable. Thus, BNP Paribas plans to reduce between 2017 and 2020 its workforce of 640 positions in retail banking. BPCE, the group that brings together the Banque Populaire and Caisse d'Epargne networks, goes even further, considering the elimination of 400 branches and some 4,000 jobs by 2020 through one out of every three replacement jobs. "This is a wave of substance," says the president of the National Union of Banking and Credit (SNB), Regis dos Santos. The digital transformation of the banking sector is fully at work.
And if, indeed, low interest rates have temporarily trimmed the double-digit margins of multinationals, in a context of market "at half mast", that did not prevent them from securing, in 2018, solid profits € 3.8 billion for Société Générale and more than € 7.5 billion for BNP.