Société Générale plans to eliminate 1,800 jobs in France, the bank's largest domestic market, as Chief Executive Officer Slawomir Krupa accelerates a sweeping cost-cutting program. The move is part of a broader restructuring aimed at improving profitability amid persistent revenue pressures in European investment banking and retail operations.

Investors have begun to reward Krupa's turnaround efforts, with shares gaining modestly this year following a period of underperformance. The job reductions signal a deeper operational overhaul beyond previous efficiency drives, targeting legacy structures to free up capital for higher-return businesses and digital transformation investments.

The plan follows years of sluggish returns at SocGen, which has struggled to match the profitability of peers like BNP Paribas. Regulators in France typically scrutinize large-scale cuts for social impact, so the bank will likely face political pushback. The next test comes with quarterly earnings, where analysts will assess whether the savings are translating into improved margins.