Societe Generale expects €500m-€600m in cost savings from AI

Societe Generale SA said on Sept. 21 that the expanding use of artificial intelligence could deliver between €500 million and €600 million in cost savings. Around €350 million of that amount has already been tied to concrete plans through 2029, the Paris-based bank said.

The bank said its strategic partnership with Anthropic, including the phased deployment of Anthropic's Claude large language models, will support the savings effort. Societe Generale identified automated report generation, key performance indicator monitoring, lower code development costs, and expanded client advisory services as areas where AI could create value.

Several banks have said AI will play a growing role in improving operational efficiency, and a few have already assessed the impact on jobs. Morgan Stanley analysts estimated earlier in 2026 that AI could eventually reduce the European banking workforce by as much as one-fifth.

The comments are part of Chief Executive Officer Slawomir Krupa's effort to improve profitability. Krupa also announced a new round of cost cuts on Sept. 21, some of which are expected to come from job reductions, though he did not disclose the scale.