EMCC European Monitoring Centre on Change

Crédit Agricole

Company/Organisation:
Crédit Agricole

Geographic Location

Country: World

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 160000

Employment Effects

Announcement Date: 15-12-2011
Planned Job Reductions min: 2350
Planned Job Reductions max: 2350
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2012
Foreseen End Date: 31-12-2012

Additional Information

On December 15th the French bank Crédit Agricole has announced that it is to cut 2350 jobs by December 2012: 1750 in its corporate and investment-banking unit, and 600 in other financial activities. The cuts are planned to be implemented within one year.

The measure is part of a worldwide restructuring which will mainly affect French workers (850, see here). The management is reported to want to avoid forced redundancies and will propose internal mobility and voluntary departures.