Société Générale: its subsidiary SGSS reportedly to cut 80 jobs in France, according to Les Échos

A net reduction of 80 jobs within the reorganisation plan

According to Les Echos, SG Securities Services (SGSS) presented a reorganisation plan to its employee representatives and its teams on 4 November 2026. Out of approximately 1,500 employees in France, the net reduction would be 80 positions: 120 job cuts, offset by 40 new positions.

La Défense and Nantes would share the departures. The newspaper cites administrative functions, data, and fund and securities operations among the activities concerned. Fourteen manager positions would also be converted into operational roles.

According to several sources cited by the newspaper, valuation, reporting, control, production and processing would partly move to SG GSC in India. No forced departures are planned, as in the bank's previous plans.

An adjustment outside the 1,800-job plan announced at the beginning of the year

According to Les Echos, these workforce reductions were not included in the plan of 1,800 job cuts unveiled by the bank at the beginning of the year. SGSS had initially been excluded from it. The newspaper refers to a "catch-up" exercise, carried out with the support of the consulting firm McKinsey.

The subsidiary, which holds 5,200 billion euros in assets, has already undergone several reorientations. It had lost 160 positions under the cost-cutting plan of the investment banking division launched in 2020. After Slawomir Krupa took over as head of the bank in 2023, Société Générale mandated Citi to find a buyer for it.

Lacking a buyer, Société Générale adopted in July 2025 a development plan without any new investment contribution, within which the current project falls. It would aim to refocus the French teams on client relations, expertise, control and supervision. In March, the group had announced the sale of SGSS's retail business to Crédit Mutuel Arkéa.