The merger of the Société Générale and Crédit du Nord networks is underway. After unveiling the commercial brand of its future retail bank, “SG”, the group with the red and black logo unveiled to the staff representative bodies the branch closure program which will begin after the legal merger of the two networks in January 2023. A detailed plan on more than 40 pages to which Agefi had access.
In 2023, the group plans to initiate the first wave of mergers by merging 169 agencies. The groupings of agencies will be 25 in the Lyon region, 22 in the South-East, 20 in the North, 17 in the West, 16 in Occitanie and 16 in the Center region, 14 in the East, 11 in Savoie, 10 in Ile de France and 9 in the South-West.
The North and the South-East in the front line
The social impact will of course depend on the size of the employment pool in these regions. It is in the North that the damage will be more important with 164 net job cuts. 98 net job cuts will be made in the South-East, 96 in the Ile de France North region, 90 in the West, 78 in Ile de France South, 72 in Occitanie, 65 in Lyonnais, 64 in the East, 46 in the South-West, 45 in the Center region, and 41 in Savoie.
In total, the Societe Generale group will carry out 858 net job cuts in its Societe Generale and Crédit du Nord branches in 2023. The majority concerned are customer advisers (327) and premium customer advisers (316).
415 points of sale eliminated by 2025
According to a project summary updated in December 2021, that Agefi was able to consult, management identified 411 cases of consolidation of points of sale between the Societe Generale and Crédit du Nord networks, but also, more marginally, within the same network. These consolidations will, in fact, lead to the elimination of 415 points of sale by 2025 (in some cases, they are three to merge). Today, the two networks total 2,441 points of sale, including 1,729 for Société Générale and 712 for Crédit du Nord.
The merger of the Societe Generale and Crédit du Nord networks will also be accompanied by job cuts in regional headquarters, back offices and middle offices. In total, 3,723 net positions will be eliminated in retail banking by 2025, according to this same document. It is within the regional sales departments that job cuts will be the most significant: 2,652.