Société Générale to Cut €5–6 Billion in Costs Through AI Partnership with Anthropic

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Société Générale announced a partnership with Anthropic to implement the Claude AI model, aiming to reduce costs by €5–6 billion. The bank plans to use AI for report automation, KPI tracking, code development, and customer service. CEO Slawomir Krupa mentioned potential layoffs as part of the cost-cutting strategy. By 2029, €3.5 billion in savings are already scheduled. AI and crypto news continue to reshape the financial sector, with Morgan Stanley estimating AI could eliminate 20% of banking jobs in Europe.
Société Générale has announced a strategic partnership with Anthropic, planning to deploy the Claude large model in phases, expected to generate cost savings of €500 million to €600 million, with approximately €350 million planned by 2029. AI technology will be applied in areas such as automated report generation, key performance indicator monitoring, reduction of software development costs, and customer service support. The bank’s CEO, Cruppa, unveiled a new cost-cutting initiative, part of which will involve workforce reductions; prior estimates by Morgan Stanley analysts suggest that AI could reduce European banking staff levels by as much as one-fifth.

Author and source: AIBase

Société Générale SA predicts that the expanding application of artificial intelligence will make a significant contribution to the bank's cost-reduction efforts.

The Paris-based bank stated that the current potential for cost reduction through AI ranges between €500 million and €600 million (approximately RMB 3.847 billion to RMB 4.616 billion), with approximately €350 million (about RMB 2.693 billion) in cost reductions already planned and implemented by 2029.

Strategically partner with Anthropic to gradually deploy Claude

Société Générale stated that it will benefit from a strategic partnership with U.S. AI giant Anthropic, which includes the phased deployment of its Claude large models.

The line believes that AI can unlock potential across multiple business areas: automatically generating reports, monitoring key performance indicators, reducing code development costs, and enhancing customer service capabilities.

The banking industry is widely betting on AI, with jobs potentially reduced by 20%.

Many banks have stated that artificial intelligence will play an increasingly important role in improving operational efficiency, with a few institutions even anticipating its impact on employment. Earlier this year, Morgan Stanley analysts estimated that AI could reduce the workforce in Europe’s banking sector by as much as one-fifth.

This recent statement is part of a commitment by Slawomir Krupa, CEO of Société Générale, to improve profitability. Krupa also unveiled a new cost-cutting plan on Monday; some of these measures are expected to involve layoffs, though he did not disclose the specific scale of job cuts.

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