Dexia bank slashes another 665 jobs

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Dexia bank said Wednesday it is to cut a further 665 jobs under a new adjustment to EU-agreed savings plans, sending its post-crisis job losses smashing through the 2,000 barrier.

Two waves of cuts last year reduced the heavily state bailed-out company's payroll by about 1,500 personnel.

Belgian-French Dexia said it is "confident in its ability to achieve its cost-cutting target of 600 million euros (780 million dollars) by 2011," with more than half of the jobs being shed in its Belgian home.

Bosses agreed to slash about 35 percent of its costs over a four-year period in order to obtain European Union acceptance of 6.4 billion euros in state aid granted in 2008.

© 2010 AFP

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