Societe generale sees AI as key to cost savings, targeting 600 million euros in savings

Societe Generale, a French bank based in Paris, has announced that artificial intelligence (AI) could save the institution up to 600 million euros in costs. The bank estimates that the potential cost savings from AI implementation could range between 500 million and 600 million euros. Of this, approximately 350 million euros in savings have already been planned and implemented by 2029. The bank is also collaborating with Anthropic, a U.S. AI giant, to deploy its Claude large model in phases. Societe Generale's CEO, Slawomir Krupa, highlighted AI's role in boosting profitability and announced a new cost-cutting plan, which may include layoffs, though the exact number of positions to be cut was not disclosed. Analysts, including those at Morgan Stanley, have also predicted that AI could lead to a potential 20% reduction in the workforce across European banks.