Natixis Said to Plan Corporate- and Investment-Banking Job Cuts
Natixis SA (KN) is considering job cuts at its corporate- and investment-banking unit as it reduces some businesses outside of France because of higher capital requirements, a person with knowledge of the matter said.
Staff reductions at Natixis (KN)’s corporate and investment bank may reach a few hundred globally, while any cuts in France would be limited, the person said, declining to be identified because the matter is confidential. Societe Generale (GLE) SA, France’s second-largest bank, yesterday announced plans to eliminate 880 jobs in France through voluntary departures.
“There will be no redundancy plan in France,” Elisabeth de Gaulle, a Paris-based spokeswoman for Natixis, said by phone today. The corporate- and investment-banking unit’s management is set to meet with labor-union representatives on Jan. 13 “to explain what we will do in the framework of the CIB strategic plan’s adaptation as announced in November,” she said.
Chief Executive Officer Laurent Mignon said Nov. 9 that the bank planned “no big waves of staff departures” as it targets an additional reduction of 10 billion euros ($12.8 billion) in risk-weighted assets by 2013. Natixis plans to cut businesses of “classic commercial banking in the United States and in Asia” by reducing lending to large corporates outside its main markets, Mignon has said.
Natixis (KN), a unit of Groupe BPCE, had about 4,400 employees at its corporate- and investment-banking unit at the end of 2010, according to its annual report. Natixis fell 47 percent in Paris trading in the past 12 months to 1.96 euros, valuing the company at about 6 billion euros.
The job-cutting plan was reported today by Les Echos.
To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at email@example.com