Societe Generale (SocGen) is axing around 900 roles across its head office in France as part of cost-saving measures.

The bank said that the move represents a "major step" in achieving its goal of improving its cost-income ratio through €1.7 billion in gross savings for 2026.

The French lender is the latest bank to announce job cuts, with Deutsche Bank last week revealing it would axe roughly 3,500 roles from its workforce.

Following its worst quarter in 14 years, in January Citigroup chief exec Jane Fraser also announced that the bank plans to cut 20,000 jobs over the next two years in a move that could save the organisation as much as $2.5 billion by 2026.

The bank said that the cuts would see around five per cent of head office staff leave the company.

SocGen also has plans for further organisational changes across its French head officers, including pooling certain processes and functions, removing hierarchical layers to "streamline decision-making," and resizing teams.

The company says it also expects to save money from its new retail bank in France, as well as the digitalisation of processes at Komerční banka, a major Czech bank which is owned by the Group.

Additional savings of roughly €700 million will be established through "new projects launched in all Group entities to streamline information systems, optimise purchasing processes, or simplify the organisation", it said.

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