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

By Reuters News

By Mathieu Rosemain

PARIS, Nov 5 (Reuters) - Societe Generale SOGN.PA 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.


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