French banking giant Societe Generale announced that it will lay off about 900 people at its head office in Paris.

It was stated that the company may have taken the layoff decision within the framework of a plan to reduce savings and costs.

Thus, the French bank was added to the latest round of layoffs in the global financial sector.

According to the news in Reuters, it was also stated that the layoffs will be made through voluntary departures.

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It was stated that the layoff plan corresponds to less than 2 percent of the bank's total workforce. It represents 5 percent of the headquarters staff. SocGen employs about 52 thousand people in France and 112 thousand people worldwide.

In the statement made by the bank, it was noted that it was aimed to eliminate hierarchical layers to facilitate decision-making.

SocGen CEO Slawomir Krupa announced in September that they were looking to save about 1.7 billion euros ($1.8 billion) by 2026.

Deutsche Bank announced that it would cut 3,500 jobs this month. Citi, on the other hand, announced that it would reduce employment by 20,000 within two years.