Natixis to Discuss 700 Job Cuts Through 2015 With French Unions

Natixis (KN) SA, the corporate- and investment-banking unit of France’s second-largest lender by branches, plans to eliminate about 700 jobs by the end of 2015.

The cuts will come mostly through “internal mobility” and without forced departures, the Paris-based company said in an e-mailed statement today. Natixis will discuss the plans with labor unions in mid November, it said.

Natixis on Oct. 14 met union representatives to share “staff forecasts for the different business lines until the end of 2015, both in France and globally,” the company said. The workforce should remain “stable” at about 15,500 worldwide, it said. The proposals exclude its credit-insurance unit, Coface SA.

Natixis is scheduled to provide details on its strategic plan on Nov. 14, the company has said. The bank this year made an exceptional 2 billion-euro ($2.71 billion) dividend payment to shareholders after selling back its holdings in French regional banks Banques Populaires and Caisses d’Epargne, its parents.

The planned job losses were reported yesterday by French daily Les Echos.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net

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