Société Générale foresees that as artificial intelligence (AI) applications continue to broaden, the bank is poised to realize substantial cost savings. Presently, the estimated potential for cost savings through AI implementation ranges from €500 million to €600 million. Notably, the bank has outlined plans to achieve approximately €350 million in cost reductions by 2029.

In pursuit of harnessing AI's full potential, Société Générale will partner with Anthropic to progressively deploy the Claude large model. This strategic move aims to unlock AI capabilities across various business domains, including automated report generation and indicator monitoring.

The banking sector, as a whole, maintains an optimistic outlook on AI development. Analysts at Morgan Stanley project that AI adoption could potentially lead to a reduction of up to one-fifth of the workforce in European banks. In line with this trend, the CEO of Société Générale has unveiled a fresh round of cost-cutting initiatives. While some of these measures will involve workforce reductions, the precise scale of the layoffs remains undisclosed.