15 Dec 2011

Bank to cut jobs

12:01 pm on 15 December 2011

French bank Credit Agricole, which is heavily exposed to the eurozone debt crisis, is to cut 2350 jobs worldwide.

Most of the cuts will come from its Cacib unit, a corporate and investment bank.

Credit Agricole employs 160,000 people, a third of them outside of France.

Cacib employs about 15,000 people globally, including 4,600 in France.

In November, Credit Agricole reported a 65% drop in third-quarter profits after being hit by losses on Greek sovereign debt.

The bank wrote down its exposure to Greek government debt by 60%, 637 million euros.

The BBC reports BNP Paribas and Societe Generale have also warned unions of plans to cut jobs.