CCF, previously HSBC France, is planning to chop 36% of its workforce and shut a 3rd of its branches.
The financial institution Crédit Industrial de France (CCF) introduced a restructuring plan on Wednesday for the subsequent two years, estimating the lack of round 1,400 jobs.
The cuts will have an effect on round 36% of CCF’s workforce, made up of round 3,900 staff in whole.
Eighty-four branches may even be closed.
The financial institution is hoping that many departures will probably be voluntary however is not ruling out obligatory redundancies.
Adjustments are essential to “discover as soon as once more a path of sustainable development”, stated CCF in a press launch.
Their intention is to stem losses and break even in 2026, with the hope of constructing a revenue in 2027.
Takeover by My Cash Group
Till January of this yr, CCF existed as HSBC France, a wing of the British lender HSBC.
The Cerebus-backed My Cash Group then acquired the French subsidiary, rebranding it as CCF.
My Cash Group didn’t create the model from scratch, however fairly resurrected an older identify that was discarded when HSBC purchased the financial institution in 2000.
As a part of this yr’s switch, the financial institution’s administration dedicated to safeguarding jobs for 2024.
“After a interval of stabilisation, … the group has clarified its strategic imaginative and prescient to satisfy its ambition of changing into the main human-scale wealth financial institution within the French market”, the corporate informed Euronews in an e mail.
A spokesperson famous that the restructuring goals “to carry a novel high quality of service to the financial institution’s clients by accentuating the pace, proximity and experience of the CCF groups”.
Department managers will probably be given larger freedom to steer the industrial exercise and monetary efficiency of their branches, the spokesperson added.
Unions are actually anticipated to barter with CCF officers till the center of subsequent yr.