The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other Monetary Intermediation
1,400 jobs Number of planned job losses
Announcement Date
4 December 2024
Employment effect (start)
2 July 2025
Foreseen end date
31 December 2026
Description
Crédit Commercial de France (CCF), previously known as HSBC, is set to cut 1,400 jobs across France over two years, up until 2026. Of the current 235 agencies, 84 will close, leaving a total of 151 agencies. Around 30% of the closures, 60 agencies, will be in Paris, another 30% in other major cities, and the rest dispersed across the country.
My Money Group, a subsidiary of the American fund Cerberus Capital Management, acquired CCF’s operations in 2023 for €1.6 billion. The group justified the 36% workforce reduction by citing the need to achieve profitability within two years. Indeed, Cerberus had committed to maintaining employment levels for one year following the acquisition. An additional investment of €100 million is being made to enhance the bank’s services, facilitate its digital transition, and decentralize decision-making processes.
While voluntary departures are preferred, forced redundancies may follow. Negotiations with social partners are ongoing and will continue until mid-next year, with many unions striving to preserve as many jobs as possible. Meanwhile, the remaining workforce is expected to face challenging working conditions to sustain the bank’s net banking product until 2027.
Several large restructuring have been recorded for CCF under its former name, HSBC, with the most recent cutting 557 jobs HSBC 2020 - FR.
Eurofound (2024), Crédit Commercial de France (ex HSBC), Merger/Acquisition in France, factsheet number 201951, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201951.
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