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
750 - 850 jobs Number of planned job losses
Announcement Date
15 December 2016
Employment effect (start)
15 December 2016
Foreseen end date
31 December 2018
Description
The bank LCL (group Crédit Agricole) has announced a reorganisation that will lead to cut 750 to 850 full-time equivalent jobs by 2018 in back offices and support functions. Currently, about 4,000 full-time equivalent positions are employed in these activities. According to the management, job cuts are based on natural departures. LCL expect that some 600 to 700 employees will retire in the next two years and will not be replaced. Management will also propose internal mobility within the bank or the group Crédit Agricole. The aim is to improve the operational efficiency of the company notably via the digitalisation of processes and to increase its investment capacity. LCL lost €30 million in 2016 against a win of €149 million in 2015. Job losses were already recorded by LCL in 2007 (3,569 job cuts), 2014 (289 job cuts) and February 2016 (140 job cuts).
Sources
15 December 2016: Le Point
15 December 2016: Ouest-France
Citation
Eurofound (2016), LCL Crédit Lyonnais, Internal restructuring in France, factsheet number 89682, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89682.
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