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

This Paris-based bank said the current potential for cost reduction through AI ranges between 500 million to 600 million euros (approximately 3.847 billion to 4.616 billion Chinese yuan). Of this, the cost reduction already planned and implemented by 2029 is about 350 million euros (approximately 2.693 billion Chinese yuan).

Strategic Collaboration with Anthropic, Gradual Deployment of Claude

Société Générale stated that it will benefit from its strategic collaboration with the US AI giant Anthropic, which includes the continuous gradual deployment of its Claude large model.

The bank believes that AI can unlock potential in multiple business areas: automatically generating reports, monitoring key performance indicators, reducing code development costs, and expanding customer-facing consulting services.

Banks Generally Bet on AI, Jobs May Be Cut by 20%

Many banks have expressed that artificial intelligence will play an increasingly important role in improving operational efficiency. A few institutions have even already assessed the impact on jobs. Earlier this year, Morgan Stanley analysts estimated that the number of employees in the European banking sector could be reduced by as much as one-fifth due to AI factors.

This statement is part of Société Générale's CEO Slawomir Krupa's commitment to improving profitability. Krupa also announced a new round of cost-cutting plan on Monday; some cost-cutting measures are expected to be completed through layoffs, but he did not disclose the exact number of job cuts.