CCF, formerly HSBC France, is planning to cut 36% of its workforce and close a third of its branches.
The bank Crédit Commercial de France (CCF) announced a restructuring plan on Wednesday for the next two years, estimating the loss of around 1,400 jobs.
The cuts will affect around 36% of CCF’s workforce, made up of around 3,900 employees in total.
Eighty-four branches will also be closed.
The bank is hoping that many departures will be voluntary but isn’t ruling out compulsory redundancies.
Changes are necessary to “find once again a path of sustainable growth”, said CCF in a press release.
Their aim is to stem losses and break even in 2026, with the hope of making a profit in 2027.
Takeover by My Money Group
Until January of this year, CCF existed as HSBC France, a wing of the British lender HSBC.
The Cerebus-backed My Money Group then acquired the French subsidiary, rebranding it as CCF.
My Money Group did not create the brand from scratch, but rather resurrected an older name that was discarded when HSBC bought the bank in 2000.
As part of this year’s transfer, the bank’s management committed to safeguarding jobs for 2024.
“After a period of stabilisation, … the group has clarified its strategic vision to meet its ambition of becoming the leading human-scale wealth bank in the French market”, the company told Euronews in an email.
A spokesperson noted that the restructuring aims “to bring a unique quality of service to the bank’s customers by accentuating the speed, proximity and expertise of the CCF teams”.
Branch managers will be given greater freedom to steer the commercial activity and financial performance of their branches, the spokesperson added.
Unions are now expected to negotiate with CCF officials until the middle of next year.
