EMCC European Monitoring Centre on Change

Banque de France

Banque de France

Geographic Location

Country: France


Sector: Financial services
Financial and insurance activities
64.11 - Central banking
Number Employed: 9535

Employment Effects

Announcement Date: 19-03-2021
Planned Job Reductions min: 600
Planned Job Reductions max: 600
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2023
Other Job Reduction Measures: 600

Additional Information

The management of the Banque de France announced to the unions its plan to cut about 600 positions – around 5% of its workforce – by 2024, in addition to the 135 job cuts already announced in January 2021.

Unions denounce a 'dogmatic' management of staffing levels, without taking a step back on the merits of the cuts or their consequences. The new redundancy plan was presented on 20 March and the Social and Economic Committee is due to give its opinion on 15 April. According to a CGT union delegate, the job cuts should be covered by retirements, thus avoiding the need for management to impose forced departures. 

Two former restructurings involving the Banque de France were recorded in the ERM Database in 2012, with 2,500 job cuts, and in 2003, with 2,300 job cuts.