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SocGen Is Looking to Save $660 Million at Paris Headquarters

Savings are said to be on top of existing restructuring plan
Bank has hired Bain & Co. to identify ways to lower expenses

he headquarters of Societe Generale stand in the La Defense business district of Paris. — he headquarters of Societe Generale stand in the La Defense business district of Paris.
Photographer: Balint Porneczi/Bloomberg

By

Fabio Benedetti Valentini

September 10, 2019, 4:26 PM UTCUpdated onSeptember 11, 2019, 9:22 AM UTC

Societe Generale SA is studying ways to save 600 million euros ($662 million) in annual costs tied to its operations in Paris, part of an effort to win back investor confidence and improve returns.

The review, known internally as “Ithaque,” started in June, according to a person familiar with the matter. No decision has been made and the savings target may still change, said the person, asking not to be identified because the matter is confidential.