Natixis Said to Plan Corporate- and Investment-Banking Job Cuts
Posted by: Admin
January 26th, 2012 >> Corporate
Natixis SA (KN) is considering job cuts at
its corporate- and investment-banking unit as it reduces some
businesses outside of France because of higher capital
requirements, a person with knowledge of the matter said.
Staff reductions at Natixis (KN)’s corporate and investment bank
may reach a few hundred globally, while any cuts in France would
be limited, the person said, declining to be identified because
the matter is confidential. Societe Generale (GLE) SA, France’s
second-largest bank, yesterday announced plans to eliminate 880
jobs in France through voluntary departures.
“There will be no redundancy plan in France,” Elisabeth
de Gaulle, a Paris-based spokeswoman for Natixis, said by phone
today. The corporate- and investment-banking unit’s management
is set to meet with labor-union representatives on Jan. 13 “to
explain what we will do in the framework of the CIB strategic
plan’s adaptation as announced in November,” she said.
Chief Executive Officer Laurent Mignon said Nov. 9 that the
bank planned “no big waves of staff departures” as it targets
an additional reduction of 10 billion euros ($12.8 billion) in
risk-weighted assets by 2013. Natixis plans to cut businesses of
“classic commercial banking in the United States and in Asia”
by reducing lending to large corporates outside its main
markets, Mignon has said.
Natixis (KN), a unit of Groupe BPCE, had about 4,400 employees
at its corporate- and investment-banking unit at the end of
2010, according to its annual report. Natixis fell 47 percent in
Paris trading in the past 12 months to 1.96 euros, valuing the
company at about 6 billion euros.
The job-cutting plan was reported today by Les Echos.
To contact the reporter on this story:
Fabio Benedetti-Valentini in Paris at
fabiobv@bloomberg.net
To contact the editors responsible for this story:
Frank Connelly at
fconnelly@bloomberg.net;
Edward Evans at
eevans3@bloomberg.net
-
-
Tweet
-