Socgen (GLE FP) to axe 1,800 jobs in France as chief steps up cost cuts, FT reports

Societe Generale's decision to cut 1,800 jobs underscores a significant effort to streamline operations and reduce costs amid ongoing pressures in the banking sector.

Newsquawk StaffPublished 21 Jan 2026, 18:31 UTCOn the live feed at 18:11 UTC — 4 more headlines followed before this page went public

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18:21

European Council says it will hold an informal meeting on Thursday; EU leaders to discuss developments in Transatlantic relations

18:16

NY Fed RRP op demand at 3.34bln (prev. 3.51bln) across 12 counterparties (prev. 16)

18:11

Socgen (GLE FP) to axe 1,800 jobs in France as chief steps up cost cuts, FT reports

18:04

Israeli army raises its readiness for a possible US attack on Iran, according to local media

18:02

US sells USD 13bln of 20yr bonds; stops through 1bps

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Context

This move could signal further challenges for European banks, potentially impacting investor sentiment in the sector, especially for peers facing similar headwinds. Traders should keep an eye on the broader implications for bank valuations and stock performance as cost-cutting becomes a key theme in the industry.

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