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What Do Societe Generale’s Plans to Shutter Hundreds of Branches Mean to US Banks?

The management of huge French bank Societe Generale has decided to steady the company’s shaky financial situation via cost cuts and an exit from what it deems non-core businesses. As part of the plan, it will fire hundreds of employees and shutter 300 of its 2,000 branches in France. Worth noting is that U.S. banks have been under similar pressure to lower expenses in their retail divisions, and chopping branches has been a critical part of the tactics used to reduce these costs.

Executives at Societe Generale announced:

The Group is the third(1) largest retail bank in France, primarily through its two traditional networks, Societe Gen…
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