February 25, 2013 / 7:56 AM / in 5 years

Credit Agricole to cut 1,400 jobs in 2013 -paper

PARIS, Feb 25 (Reuters) - The regional banks that control Credit Agricole SA plan to cut 1,400 jobs in 2013 as staff leaving will not all be replaced, Les Echos newspaper said on Monday.

Credit Agricole’s parent network of regional lending banks expects 4,125 staff to leave this year and will only recruit 2,707 people, Les Echos said, citing an internal document from the bank’s national federation (FNCA).

“If the retirement departures are higher in 2013, they may not all be replaced as we are continuing to manage cautiously,” the deputy head of the federation, Camille Beraud, was quoted as saying.

A spokesman for the federation declined to comment.

The French lender last Wednesday posted its biggest full-year loss since it went public 11 years ago, hit by unexpected costs from exiting Greece, weaker revenue and hefty asset writedowns.

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