French investment bank Natixis (KN.FR) Wednesday said it has begun negotiations with labor unions to cut about 700 jobs in France by the end of 2015.
The bank, which is controlled by French mutual bank Groupe BPCE, said the \”new economic and regulatory context\” has forced changes in its staff organization. The bank\’s global payroll will, however, be stable at 15,500, as the bank will hire people in other countries.
The potential departures will be on a voluntary basis, Natixis said in a statement.
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