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The Societe Generale group announced Tuesday that its new retail bank resulting from the merger of its network with that of Crédit du Nord will lead to 3,700 net job cuts between 2023 and 2025, “without any forced departure”.

“These job cuts will be based on natural departures (estimated at 1,500 per year by 2025) and the priority given to reclassifications and internal mobility,” the group said in a press release.

“We use a progressive approach, spread over time,” assured AFP Sébastien Proto, deputy general manager of the group. “This allows us to start all our training and individual support courses, well in advance of the actual implementation of the transformation. “

The Societe Generale group filed on Tuesday a file with its social partners specifying the model and the detailed organization of its new retail bank in France.

It is based on “a complete merger” of the two retail banks Crédit du Nord and Société Générale: “a single bank, with a single network, a single head office, and a single IT system, serving nearly 10 million customers and with more than 25,000 employees, ”the group said in its press release.

The bank will benefit from “a territorial network of 1,450 branches ensuring the maintenance in the same cities as today”. In total, the two networks held some 2,100 at the end of 2020, sometimes close to each other.

This territorial anchoring should be reflected in the group’s brand strategy, which will have a national brand, associated with regional names among the brands of the Crédit du Nord group (Crédit du Nord, Courtois, Tarneaud, Laydernier, SMC).

“The new model, that is to say the realization of the transformation like the mergers of agencies for example, will start in 2023 and will run until 2025”, added Mr. Proto.

The legal merger should take place on January 1, 2023. The IT merger of the two networks will take place in the first half of 2023.

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