EMCC European Monitoring Centre on Change

Crédit Agricole

Company/Organisation:
Crédit Agricole

Geographic Location

Country: France

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Group: Crédit Agricole - Crédit Lyonnais

Employment Effects

Announcement Date: 29-01-2004
Planned Job Reductions min: 1100
Planned Job Reductions max: 2800
Type of Restructuring: Merger/Acquisition
Foreseen End Date: 01-12-2006
Other Job Reduction Measures: 1100

Additional Information

Crédit Agriole, the French bank, is merging with Crédit Lyonnais. This merger will cost the company 1 billion euros, 250 million of which will be dedicated to employment measures. 6,000 employees are concerned by a transfer, and special transfer benefits will be awarded to them. The bank also counts on 1,100 voluntary leaves. On 20 February 2004, Crédit Lyonais Securities Europe will be sold to Oddo & Cie. Some 60 jobs will be lost in the process. On 18 May 2004, Crédit Lyonnais announced 475 job losses in central functions. The merged group is looking for 4,600 job cuts worldwide, 2,800 in France. On 15 July 2004, 30 job cuts were announced following the merger of Predica and UAF, the life insurance arms of both banks.