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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

Updated on

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.