Société Générale predicts that the widespread application of AI will make a significant contribution to the company's cost reduction. According to a briefing issued by the Paris-based bank on Monday, the “current opportunity” to reduce costs through AI is €500 million to €600 million. The bank's department said that about 350 million euros of this will be “implemented and introduced” by 2029. Société Générale said it is expected to benefit from a strategic partnership with US AI giant Anthropic, which includes the “continued promotion” of the company's Claude model. Many banks have indicated that AI will play an increasingly important role in improving operational efficiency, and a few banks have even estimated the impact this may have on jobs. Analysts at Morgan Stanley estimated earlier this year that the European banking sector could reduce its workforce by up to one-fifth as a result.

Société Générale predicts that the widespread application of AI will make a significant contribution to the company's cost reduction. According to a briefing issued by the Paris-based bank on Monday, the “current opportunity” to reduce costs through AI is €500 million to €600 million. The bank's department said that about 350 million euros of this will be “implemented and introduced” by 2029. Société Générale said it is expected to benefit from a strategic partnership with US AI giant Anthropic, which includes “continued promotion” of the company's Claude model. Many banks have indicated that AI will play an increasingly important role in improving operational efficiency, and a few banks have even estimated the impact this may have on jobs. Analysts at Morgan Stanley estimated earlier this year that the European banking sector could reduce its workforce by up to one-fifth as a result.