Credit Agricole (ACA.PA) said on Dec.14 that it will layoff 2,350 jobs as it is set to make a 2011 loss and write off 2.5 billion euros or $3.2 billion worth of assets.
The job losses include 1,750 jobs includes 1,750 in Credit Agricole's corporate and investment bank, which has a workforce of 13,000. Most of the job cuts will take place internationally. About 550 investment banking and 300 consumer finance jobs will be lost in France.
The bank said it will exit 21 of the 55 countries which it operates in and will shut down equity derivatives and commodities businesses.Credit Agricole's move follows that of its peers BNP Paribas and Societe Generale which have also announced headcount reductions.