France, Feb. 5 -- French banking group Societe Generale has unveiled plans to slash 947 jobs at its head office as part of a cost-cutting programme, a move unions have decried as "an earthquake" for workers.

Societe Generale said Monday that five percent of its head office staff would be cut as part of organisational changes "to simplify its operations and structurally improve its operational efficiency".

In September, the group's new chief executive, Slawomir Krupa, presented a strategic roadmap that included reducing costs by €1.7 billion by 2026 compared to 2022.

The job reductions will be carried out "through internal transfers, end-of-year support or voluntary departures," the bank says.

In a message to staff see, the bank ...