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Crédit Agricole could cut 1,400 jobs: report

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(Globalpost/GlobalPost)

French bank Credit Agricole could cut another 1,400 jobs in 2013 at its regional branches, the daily Les Echos said Monday, but unions said no figures had yet been decided.

Citing an internal document, the business daily said that Credit Agricole's regional branches expected only half of departing employees would be replaced in 2013, leading to a staff cut of 1,418 posts.

The bank declined to comment when contacted by AFP.

A union representative confirmed the figures to AFP, but said they were based on projections made in November and were likely to change.

Last week Credit Agricole posted a record 6.5 billion euro ($8.6 billion) loss for 2012, and said it would be launching a three-year strategic plan aimed at saving 650 million euros.

The bank, which shed 2,300 jobs last year, did not say how many jobs would go under the new cost-savings initiative.

The head of human resources for Credit Agricole's regional branches, Camille Beraud, told Les Echos that was as yet no job cuts strategy for the entire bank group.

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http://www.globalpost.com/dispatch/news/afp/130225/credit-agricole-could-cut-1400-jobs-report