SocGen to Cut 1,800 Jobs in France as CEO Krupa Trims Costs

Societe Generale SA plans to eliminate 1,800 positions in France by the end of next year as Chief Executive Officer Slawomir Krupa seeks to cut expenses.

SocGen “continues to enhance its operational efficiency, simplify its organization, and invest in skills development and internal mobility,” it said in a statement Thursday announcing the cuts, which were outlined earlier in a blog post by the CGT labor union. The staff reductions, out of a French workforce of about 40,000, would be made through attrition rather than forced departures, the union said.