- Wednesday's Economic News Crunch Could Tilt Markets
- Call Me Crazy: Confessions of a Black Friday Shopper
- US Firms Hit by Payroll Taxes at Exactly the Wrong Time
- Citi Mortgage Reveals Something the US Treasury Won't
- Fed Sanguine About US Recovery, Worried on Jobs
- Amended Berkshire Filing Reveals No 'Secret' Holdings
- In Time for Holidays: More Gloom and Doom on Economy
- Holiday Guide to This Season's Smartphones
- Market Pros Reveal Top Black Friday Trades
- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Citi Mortgage Reveals What Treasury Won't
- NBA D-League On The Rise
- Wednesday's Economic News Crunch Could Tilt Markets
- Japan Export Rebound Eases Fear of New Recession
- Australia Wheat Exporters Face Challenges: GrainCorp
- China Shipbuilding to Launch $937 Million China IPO
- Confessions of a Black Friday Shopper
- Novartis 'Cells' Its Flu Vaccine Technology
Text Size 
PARIS, Sept 10 (Reuters) - Credit Agricole, France's biggest retail bank, said on Wednesday it would cut 500 posts at Calyon, its investment banking unit that has been badly hit by the global credit crunch.
"Calyon expects to cut about 500 positions split equally between French and international operations," Agricole said in a statement.
Calyon employs around 13,000 staff in total. Agricole said the job cuts in France would be based on voluntary redundancies. The credit crisis caused Calyon to post losses over the last three quarters. Loss-making French bank Natixis is also expected to cut jobs in the coming months. Agricole said it was aiming for cost savings of 300 million euros by the end of 2009.
It also said Calyon would close parts of its structured credit and derivatives activities. By 2010, Agricole is targeting net income of 1 billion euros for Calyon, a cost-income ratio of 60 percent and a return on equity (ROE) of 14-16 per cent on the basis of normalised risk-related costs. Agricole shares were down 2.9 percent at 14.33 euros in early morning trade.
(Reporting by Sudip Kar-Gupta, Editing by Dominique Vidalon and Sue Thomas) Keywords: AGRICOLE/CALYON tf.TFN-Europe_newsdesk@thomson.com vs COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Print
Email
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes