Credit Lyonnais to slash 2,400 jobs

6th July 2004, Comments 0 comments

PARIS, July 6 (AFP) - Credit Lyonnais announced Tuesday that it planned to cut 2,400 jobs of a total 26,500 by 2007, but said the programme would avoid outright layoffs.

PARIS, July 6 (AFP) - Credit Lyonnais announced Tuesday that it planned to cut 2,400 jobs of a total 26,500 by 2007, but said the programme would avoid outright layoffs.

Natural attrition, job mobility within the bank and early retirement would account for most of the eliminated posts, the bank said in a statement.

Earlier in the day, two French trade unions had said the bank planned to cut 2,432 jobs.

The reduction in posts was not linked to around 4,600 others, including 2,800 in France, that were foreseen as part of a June 2003 merger with Credit Agricole, said Sebastien Busiris, an official with the Force Ouvriere union.

© AFP

Subject: French news

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