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Société Générale (PDV 2018-19)
Main severance
Cap 30 months / €405k
Health cover
Statutory portability
Status
Signed
Positions affected
709 France positions / 1,500 worldwide — investment banking / support functions
Context
Why the plan was launched and who is affected
Plan type
Strategic refocus
Sites affected
Société Générale CIB (Corporate & Investment Banking) + support functions — La Défense HQs (Tour Pacific, Tour Société Générale)
Rationale & context
PDV (Voluntary Departure Plan) announced April 2018 by Société Générale within the restructuring of its investment and market banking (CIB), as well as support functions. Global plan of 1,500 departures including 709 in France. Signed 9 May 2018 by CFDT, CFTC, CGT and SNB (National Banking Union) — exceptionally broad agreement. Major particularity: CAP OF 30 MONTHS OF FIXED SALARY OR 10 PASS (~€405,000 in 2018). One of the highest documented individual caps in France for a PDV. Precedent for the future SG × Crédit du Nord framework agreement in 2022 (3,700 cuts, GPEC + RCC + non-replacement). Context: post-2008 regulatory pressure (Basel III), declining investment banking margins, support functions digitalization, banking model transformation.
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
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.
**Cap 30 months of fixed salary OR 10 PASS (~€405,000 in 2018)** — most favorable applies. One of the highest documented caps in France for a PDV.
Cap
Maximum amount an employee can receive, even with very long seniority.
30 months of fixed salary OR 10 PASS — approximately €405,000 in 2018
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.
Selection
How departures are decided — criteria and voluntary scheme
Voluntary departures
| Departure cap | ~709 voluntary departures France maximum |
| Voluntary-specific indemnity | Higher PDV indemnity — cap 30 months OR 10 PASS |
| Conditions | Pure voluntary — no forced layoff |
Who can apply for voluntary departure and under what conditions.
Notes & sources
Additional information and references
Notes
PDV (Voluntary Departure Plan) signed 9 May 2018 by Société Générale with CFDT, CFTC, CGT and SNB. Global plan: 1,500 departures including 709 in France. Particularity: EXCEPTIONALLY HIGH INDEMNITY CAP — 30 months of fixed salary OR 10 times the PASS (Annual Social Security Cap ~€40,524/yr in 2018) = ~€405,000 maximum. One of the highest documented caps in France for a PDV. Context: investment and market banking restructuring (SG CIB), post-2008 regulatory pressure (Basel III), support functions digitalization. Direct precedent for the SG × Crédit du Nord merger in 2022 (already documented — 3,700 cuts, GPEC + RCC framework agreement).
Support
Outplacement, training, retraining aid and mobility
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📄 MoneyVox — Société Générale casse la tirelire (2018) · View source →