Type
Internal restructuring
Country
France
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

3,569 jobs
Number of planned job losses
Job loss
3,000 jobs
Number of planned job creations
Job creation
Announcement Date
1 June 2007
Employment effect (start)
Foreseen end date
1 June 2010

Description

On 1 June 2007, LCL, a French subsidiary bank of Credit Agricole SA, presented its competition plan for 2007-2010 to the company's works council. The company is planning to hire 3,000 new staff by 2010 for its retail network but it will also shed 3,569 administrative and support jobs, mostly through early retirement and voluntary redundancies. Increasing competition and the banking consolidation in Europe have pushed LCL to adopt this plan, which is aiming to strengthen the commercial networks efficiency, reduce the number of administrative jobs and rationalise the technology costs as well as the real estate assets in the Paris region. The early retirement programme will be open to all employees aged 57 or over. According to the company, the cost savings and productivity improvements of 'Crescendo', the previous restructuring plan, have not been sufficient as customers have new demands, both in terms of quality and fees. In June 2007 LCL employed 23,169 people in France.


Sources

  • 4 June 2007: Les Echos
  • 4 June 2007: L'Humanit√©
  • 4 June 2007: La Tribune
  • 26 June 2007: AFP

Citation

Eurofound (2007), LCL, Internal restructuring in France, factsheet number 65439, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65439.