Natixis eyes up to 700 job cuts ahead of strategy presentation

 
City A.M. Reporter
FRENCH bank Natixis plans to shed 500 to 700 workers with a voluntary departure scheme that is to be negotiated with unions in September, the Journal de Dimanche reported yesterday.

A spokeswoman for Natixis declined to comment on the story.

“Several departments will be reorganized at Natixis,” a union source told the paper. “There will be a lay-off plan before the end of the year.”

The negotiations with unions started in June and an internal meeting is scheduled for 2 September to discuss plans, the paper said. The bank aims to present a new strategy plan in November.

Natixis in February said it would simplify its finances by shedding a 20 per cent stake in BPCE, a network of cooperative lenders which itself controls Natixis.