Societe Generale to close 400 branches and slash 2000 jobs by 2020
French lender Societe Generale has announced plans to axe about 2,000 jobs in its French retail banking unit as more customers switch to online banking.
The bank is also set to shut down 400 branches out of total 2,000 branches it operates in France. The closures and the layoffs are expected to take place over the next five years.
Societe Generale chief executive Frederic Oudea said that the bank aims to achieve majority of the reduction through retirement or voluntary exit of its staff.
At the same time, Societe Generale has unveiled plans to increase current client base in its online bank Boursorama over a five-year process from 700,000 to two million.
The bank has also earmarked EUR1.5bn in investment in order to develop digital banking.