November 7, 2011 / 7:19 AM / 7 years ago

Credit Agricole to announce job cuts: report

Passers-by walk in front of a branch of French bank Credit Agricole in Marseille, September 13, 2011. REUTERS/Jean-Paul Pelissier

PARIS (Reuters) - France’s third-biggest listed bank, Credit Agricole (CAGR.PA), is to announce job cuts at its corporate and investment bank “in mid-November,” French newspaper La Tribune reported on Monday.

Citing a union source, the article said employees were hearing a number of around 1,000 staff cuts but “nothing is fixed yet.”

The bank reports third-quarter results Thursday.

A Credit Agricole investment bank spokesman was unavailable for comment. Larger rivals BNP Paribas (BNPP.PA) and Societe Generale (SOGN.PA) are also expected to cut hundreds of jobs as banks shore up capital to better resist the euro zone’s debt crisis.

Reporting By Lionel Laurent; Editing by Hans-Juergen Peters

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