According to a Reuters report, citing unnamed sources with knowledge of the matter, Societe Generale is about to slash some 900 jobs in France this year in a cost-cutting effort.
The cuts will mostly affect IT and other support functions at the banking group’s headquarters in La Defense business district in Paris.
The job cuts are expected to be made via voluntary departures, the report stated.
The exact number of jobs slashed will be within the range of 900 to 1,000, or less than 2% of Societe Generale’s total workforce in France.
The third-largest listed bank in France has about 52,000 employees in the country and about 112,000 employees worldwide.
Stock Performance
The shares of Societe Generale SA (GLE) closed 0.46% (EUR 0.10) higher at EUR 23.10 in Paris on Friday, as they reversed a 4.01% loss from the previous market session.
The French banking group’s total market cap now stands at EUR 18.36 billion.
The shares of Societe Generale SA (GLE) went up 2.30% in 2023, compared with a 16.52% gain for the benchmark index, CAC 40 (FCHI).
The financial group’s shares have retreated 3.83% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 4 out of 7 surveyed investment analysts had rated Societe Generale’s stock as “Hold”, while 2 – as “Buy”. The median price target on the stock stands at EUR 27.26, which translates into an 18.01% upside compared to Friday’s closing price.
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