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

500 jobs
Number of planned job losses
Job loss
Announcement Date
10 September 2008
Employment effect (start)
15 September 2008
Foreseen end date
31 December 2008


French banking group Credit Agricole is to axe 500 jobs worldwide at its corporate and investment banking arm, Calyon, half of which will take place in France. The job cuts, part of a restructuring plan via which Calyon aims to save 300 milions euros next year, will be made via voluntary redundancies and internal mobility. The bank is to put a stop to its high-risk and loss-making operations, such as structured products, in order to focus on more traditional financing activities.

Of the French banks, Credit Agricole has to date been the worst affected by the US subprime mortgage market collapse, suffering losses of 6.5 billions euros.


  • 11 September 2008: LibĂ©ration
  • 10 September 2008: La Tribune
  • 8 September 2008: Le Figaro
  • 8 September 2008: La Tribune


Eurofound (2008), Calyon, Internal restructuring in World, factsheet number 67071, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67071.