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
3,569 jobs Number of planned job losses
3,000 jobs Number of planned job creations
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'Humanité
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.
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