Bank of France to Cut 2,500 Jobs by 2020 Through Retirement

The Bank of France said it will cut 2,500 jobs by 2020 by replacing half of those retiring, cutting the central bank’s staff to 10,500.

Because of an expansion of its workforce in the 1970s, the bank faces a “demographic shock” with 5,000 people retiring in the next eight years, a spokeswoman said in a telephone interview today. A high proportion of the 2,500 people it will need to recruit will be in management roles, she said. The bank has already reduced its staff by 2,000 in the past 10 years, also through non-replacement.

In an interview with Agence France-Presse that was confirmed by the press office, human resources director, Frederic Peyret, said the bank is working on a reorganization plan that will be presented to its worker councils by the middle of the year.

To contact the reporter on this story: Gregory Viscusi in Paris at gviscusi@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net