Societe Generale is cutting management layers as chief executive Slawomir Krupa continues efforts to simplify the bank\u2019s structure, reported Bloomberg.<\/p>\n
The changes are now taking place within the corporate and investment banking division, including trading and risk functions.<\/p>\n
Some staff have already been removed from management roles, the people said, speaking on condition of anonymity because the matter is private.<\/p>\n
One method being used is to raise the number of staff reporting to each manager, they said.<\/p>\n
In some teams, this means one manager overseeing 7 to 8 employees rather than 4 to 5 before, according to the people.<\/p>\n
The process has been under way for some time and is expected to run for several more weeks.<\/p>\n
It also extends across broad areas of the bank, including retail, finance and human resources, the people said.<\/p>\n
The move forms part of Krupa\u2019s wider plan to reorganise the lender and reduce expenses. Krupa took charge three years ago.<\/p>\n
He has already announced significant job cuts and disposed of several businesses.<\/p>\n
Even so, the bank\u2019s cost-income ratio remains well below the European average, as per the report.<\/p>\n
At last week\u2019s annual general meeting, Krupa said the bank\u2019s efficiency programme still needs to continue because it remains behind rivals on that measure.<\/p>\n
A spokesperson for the bank declined to comment on the details and referred instead to a January statement in which the bank announced 1,800 job cuts<\/a> and said it would \u201cenhance its operational efficiency, simplify its organisation, and invest in skills development and internal mobility.\u201d<\/p>\n