The third largest bank in France, Societe Generale, plans to cut 1,800 jobs in the country.

French bank Societe Generale plans to cut 1,800 jobs in France by the end of next year, as its CEO Slawomir Krupa seeks to reduce costs. Societe Generale announced the layoffs on Thursday, stating that the bank "will continue to improve operational efficiency, simplify its organizational structure, and invest in skills development and internal mobility." The CGT union had previously disclosed the related layoff plans in a blog post. The union stated that the staff reduction will be achieved through natural attrition rather than forced layoffs; Societe Generale has around 40,000 employees in France.