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 - Financial service activities, except insurance and pension funding
1,100 - 2,800 jobs Number of planned job losses
Announcement Date
29 January 2004
Employment effect (start)
Foreseen end date
1 December 2006
Description
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.
Sources
15 July 2004: La Tribune
27 February 2004: Les Echos
20 February 2004: Les Echos
6 February 2004: Les Echos
Citation
Eurofound (2004), Crédit Agricole, Merger/Acquisition in France, factsheet number 59691, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59691.
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