EMCC European Monitoring Centre on Change

Caisse d’Epargne Grand Est Europe

Company/Organisation:
Caisse d’Epargne Grand Est Europe

Geographic Location

Country: France
Region: Est

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 3010
Group: BPCE (Banque Populaire Caisses d'Epargne)

Employment Effects

Announcement Date: 24-01-2019
Planned Job Reductions min: 550
Planned Job Reductions max: 550
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 01-01-2019
Foreseen End Date: 01-01-2022
Other Job Reduction Measures: 550

Additional Information

Caisse d'Epargne Grand Est Europe announced the cut of 550 positions by 2022, as part of the merger of the two banking networks: the Caisses d'Epargne d'Alsace and the Caisses d'Epargne de Lorraine Champagne-Ardenne. Management plans 800 departures during this period (350 retirements and 450 natural departures, mainly due to resignations). The bank will only replace one out of three departures. In total, the new entity will eliminate 18% of the workforce. The bank wants to improve its financial performance leveraging business development but also costs. The union UNSA expected 150 job cuts but fears that pressure on remaining employees will be maximised.

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