Société Générale will reportedly close 148 sites across France, including 40 bank branches

Société Générale plans to close 148 sites across France from the second quarter of 2027, including around 40 full-service bank branches.

The bank currently operates 1,769 sites, with the closures representing 8% of its network.

The plans were first reported by Les Echos and confirmed by a source close to the matter, according to Reuters, although the bank has not commented publicly.

Most of the sites affected will be smaller outlets, with two or three employees. They are set to be merged with larger branches, often located a few kilometres away.

The 40 full-service branches affected each employ around seven to eight people. In total, 376 employees will be transferred to other branches.

Société Générale has not yet disclosed which communes or branches will be affected by the closures. 

Why is the bank closing branches?

The changes are intended to reorganise its network and bring more services together in larger branches.

The reduction in physical branches is also part of a wider trend, with several other banks announcing similar plans.

It is being driven by changing consumer habits, as more banking services are now carried out through websites and mobile apps.

For example, LCL confirmed to The Connexion in September that it was planning to close between 60 and 90 of its around 1,400 branches.

LCL has already closed nearly 250 branches over the past five years.

BNP Paribas is also planning to reduce its physical presence, with around 500 branches expected to close by 2030.

“The Covid-19 period has significantly accelerated the digitalisation of practices,” Gaëlle Regnard, CEO of Crédit Agricole Loire Haute-Loire, previously told Le Monde. “Our customers visit branches on average less than twice a year and prefer contactless payment to cash.”

The growth of online banks such as Revolut has also increased competition for traditional banks.

However, Société Générale's plans have raised concerns among staff representatives.

In a statement reported by AFP, the CGT-SG union criticised the possibility of employees having to move to different workplaces.

It called for full compensation for additional travel costs and time. The union also said that 101 Société Générale sites had already closed during 2026.

Additionally, according to a separate restructuring document published by the CGT-SG union on November 4, the group's securities services division (SGSS) is planning to reduce its workforce in France by 80 positions.

The project involves 120 job cuts and 40 new positions, affecting employees at La Défense and Nantes.

Some activities are set to be transferred to the group's shared services centre in India, while others are due to move from Paris to Nantes.

The union said the changes would involve greater automation and the use of artificial intelligence and digital tools, but raised concerns about increased workloads for remaining employees.