August 4, 2013 / 12:37 PM / 5 years ago

French bank Natixis to shed up to 700 workers: report

PARIS (Reuters) - French bank Natixis (CNAT.PA) plans to shed 500 to 700 workers with a voluntary departure scheme that is to be negotiated with unions in September, the Journal de Dimanche reported on Sunday.

The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. REUTERS/Charles Platiau

A spokeswoman for Natixis declined to comment on the story.

“Several departments will be reorganized at Natixis,” a union source told the paper. “There will be a lay-off plan before the end of the year.”

Banks worldwide are shedding jobs as stricter regulations and euro zone worries take their toll on trading income and investment banking units. Many began shrinking several years ago and are now cutting more deeply as they reassess their business to cope with tougher capital rules, while some are cutting because of acquisitions or mergers.

Natixis will seek to encourage some staff to take early retirement or jobs outside the company, the report said.

The negotiations with unions started in June and an internal meeting is scheduled for September 2 to discuss plans, the paper said. The bank aims to present a new strategy plan in November.

Natixis in February said it would simplify its finances by shedding a 20 percent stake in BPCE, a network of cooperative lenders which itself controls Natixis.

In May it posted an 18 percent rise in first-quarter profits to 337 million euros, excluding accounting adjustments on its own debt.

Reporting by Leila Abboud; Editing by Janet Lawrence

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