Another 1,700 Investment Banking Jobs Said To Go

Here's the latest on the job loss front.

Bloomberg is reporting that, according to a French union official, Credit Agricole is to wield the axe and cut 1,700 jobs over at its corporate & investment banking unit, including around 500 positions in France. 600 jobs at the firm's consumer finance division are also said to be going. Overall, up to 2,500 jobs are thought likely to go.

The bank's main board is said to have met Tuesday to discuss this latest round of headcount reductions, and the corporate & investment banking management team are thought to have met early Wednesday to put the final touches to the plan.

It is unclear whether the bank will make a big announcement about the cuts, or whether they will simply be pushed through on the drip.

image: © Garry Knight

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