Societe Generale Expects AI Cost Savings Up to 600 Million Euros with Anthropic's Claude

Societe Generale predicts that wider use of artificial intelligence will significantly help cut costs. The Paris-based bank says its current potential savings from AI range from 500 million to 600 million euros, with about 350 million euros already planned through 2029.

The bank will benefit from a strategic partnership with US AI company Anthropic, including rolling out its Claude model in stages. Societe Generale believes AI can unlock potential in areas such as automatic report generation, tracking key performance indicators, cutting code development costs, and expanding customer advisory services.

Morgan Stanley analysts estimated earlier this year that AI could shrink European bank staffing by up to one-fifth. Societe Generale CEO Slawomir Krupa has announced a new cost-cutting plan, with some measures expected through layoffs, though he did not disclose the scale.