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Société Générale × Crédit du Nord
Main severance
GPEC + RCC + non-replacement
Health cover
Statutory portability
Status
Signed
Positions affected
~3,700 layoffs / 600 branches closed
Context
Why the plan was launched and who is affected
Plan type
Merger / divestiture
Sites affected
Central HQs Nancy, Clermont-Ferrand, Rouen (impacted June 2023) + 600 branches closed nationally 2023-2025
Rationale & context
Legal merger of Société Générale and Crédit du Nord retail banking networks, announced 2020, formalized January 2023 under new "SG" brand. Objective: network optimization serving 10 million customers facing digitalization and banking margin pressure. The social accompaniment agreement signed February 2022 (CFDT, CFTC, CFE-CGC — CGT non-signatory) provides progressive closure of 600 branches and cut of approximately 3,700 positions, partially offset by 2,000 permanent hires to fill 2023-2025. Mechanism: combined GPEC + RCC + non-replacement of natural departures, avoiding classic PSE format and its media impact.
Look here first
Severance
What employees received — legal base, supra-legal, caps
Legal / collective indemnity
This is the minimum guaranteed by your sector's collective agreement. Paid to every affected employee on top of the statutory legal indemnity.
Banking collective agreement indemnity (1/2 month/semester pre-2002, 1/4 post)
Underlying formula · Flat amount by classification + seniority scale. Collective indemnity generally above legal minimum (often 1/4 month/year from start).
Supra-legal top-up
The amount negotiated by unions ON TOP OF the legal and collective minimum. Often the largest part of the package.
Details not public in the framework agreement — case-by-case negotiation depending on triggered mechanism (RCC, mobility, retirement, non-replacement)
Notice period
Period between the dismissal notification and the actual departure. The employee remains paid during this time, whether they work or not.
Not specified in the PSE.
Collective minimum · Banking agreement (IDCC 2120) — Managers: 3 months (renewable once). Technicians: 2 months. Employees: 1 month.
Example — rough estimate
For a manager (cadre) employee with 5 years of seniority and €3,500 gross/month:
| Collective severance | (2.5 months × €3,500) | €8,750 |
| Supra-legal severance | — | Not publicly disclosed |
Very rough illustrative estimate. Your actual amount depends on your exact reference salary (max of 1/12 of last 12 months or 1/3 of last 3 months, bonuses included — art. R1234-4 French Labour Code), your precise status (manager/non-manager/ETAM), your hire date and your individual situation. For a personalized calculation of the legal indemnity, use the official French Ministry of Labour simulator.
Support
Outplacement, training, retraining aid and mobility
Device type
The scheme to help you find a new job: reclassement leave, CSP, or another mechanism.
Internal mobility first + retraining support
Amount
Financial aid for those who choose to start their own business.
2,000 new permanent positions to fill 2023-2025 — partial internal compensation (Management commitment)
Selection
How departures are decided — criteria and voluntary scheme
Voluntary departures
| Conditions | RCC mechanism part of overall scheme, open to employees in impacted functions |
Who can apply for voluntary departure and under what conditions.
Notes & sources
Additional information and references
Notes
Social accompaniment agreement signed February 2022 by CFDT, CFTC and CFE-CGC (CGT non-signatory). Société Générale × Crédit du Nord legal merger formalized January 2023 under new "SG" brand. Multi-year plan: 2023-2025 impact. 3,700 targeted cuts with 2,000 compensatory permanent hires over the period. Model case of banking transformation by framework agreement GPEC + RCC rather than classic PSE.
📄 CGT Société Générale — Projet d'accord Emploi fusion SG-CDN (10 fév. 2022) · View source →