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Credit Agricole to cut costs by up to 200 mln eur by 2015-paper
January 21, 2013 / 7:26 AM / 5 years ago

Credit Agricole to cut costs by up to 200 mln eur by 2015-paper

PARIS, Jan 21 (Reuters) - Credit Agricole is working on a cost-cutting plan of 150-200 million euros ($199-266 million) through 2015 at its corporate and investment banking unit, according to France’s l‘Agefi newsletter.

A job-cut programme will not be included in the plan, which comes after the bank laid off 1,750 staffers last year, the newsletter said without citing its sources. The group will seek to get rid of certain functions, continue outsourcing efforts, and encourage some workers to take early retirement.

France’s third-largest bank could not immediately be reached for comment.

Similar to other banks, Credit Agricole has been selling assets and streamlining its business to meet stricter regulations after the 2008 financial crisis. It was forced to take a 1.96 billion euro in writedowns on the sale of its Greek unit, Emporiki Bank, in November. ($1 = 0.7524 euros) (Reporting by Leila Abboud; Editing by Hans-Juergen Peters)

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