Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

1,100 - 2,800 jobs
Number of planned job losses
Job loss
Announcement Date
29 January 2004
Employment effect (start)
Foreseen end date
1 December 2006


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.


  • 15 July 2004: La Tribune
  • 27 February 2004: Les Echos
  • 20 February 2004: Les Echos
  • 6 February 2004: Les Echos


Eurofound (2004), Crédit Agricole, Merger/Acquisition in France, factsheet number 59691, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59691.