Societe Generale projects AI will cut costs by 500-600 million euros, leveraging its partnership with Anthropic for Claude deployment. The bank aims to save 350 million euros by 2029 through automated reporting, code optimization, and enhanced consulting. This aligns with broader industry trends where AI efficiency gains may reduce European banking jobs by up to 20 percent. CEO Slawomir Krupa announced new cost-cutting measures, including potential layoffs, to boost profitability without specifying exact headcount reductions.
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