Societe Generale to close 300 branches in move towards digital banking

French bank Societe Generale has announced that it will close 300 (15%) of its branches and eliminate 900 jobs as part of its effort to expand its digital capabilities and cut costs. CEO Frederic Oudea refers to the moves as preparation for the coming “industrial revolution” that European banks will experience in the next 10 years.

The news comes following a previous announcement that the bank will eliminate 2,550 jobs in its retail network. The bank plans on making further changes under its “2020 plan”, most of which are expected to affect the retail sector of the bank.