economy
January 24, 2026
Blue chip French banks announce major job cuts
Societe Generale and BNP Paribas will cut thousands of jobs over the next two years to reduce costs
TL;DR
- Societe Generale plans to cut 1,800 jobs in France by the end of 2027 via natural attrition.
- BNP Paribas plans to cut approximately 1,200 jobs in its asset management unit by the end of 2027.
- These job cuts are part of cost-reduction and restructuring measures by the banks.
- France is experiencing weak economic growth and a high debt-to-GDP ratio.
- Political deadlock has led to the government using Article 49.3 to pass the budget.
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