Societe Generale Faces Backlash Over 900 Job Cuts
TL;DR Summary
SocGen plans to cut 947 jobs in Paris as part of its cost-cutting measures, prompting dissatisfaction among employees and criticism from the union delegate. CEO Slawomir Krupa's focus on efficiency and restructuring has led to concerns about increased workloads, stagnant salaries, and reduced bonuses for remaining employees. The bank has assured that the cuts will not result in forced redundancies and will offer voluntary departures or internal transfers. Negotiations with the union are underway, while employees at rival French banks view SocGen's actions as indicative of underperformance.
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