Bank of France eyes job cuts

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Paris - The Bank of France could cut up to 2 100 jobs in its branch offices by 2020, largely by not replacing staff who retire as part of a restructuring of its nationwide network, it said on Wednesday.

The central bank maintains an extensive network of branch offices and has come under pressure from the state auditors office to reduce costs and downsize.

It employs about 13 000 people including 6 300 in its network, compared to 9 600 at Germany's Bundesbank with about two-thirds in its regional offices.

Outlining long-term plans for its network, the Bank of France said in a statement that it aimed to cut the number of offices in its network to 105 by 2020 from 127 currently.

“The network's staff will be brought down to within a range from 4 200 to 4 600,” the statement said.

The national state audit office said in its annual report in February that the Bank of France's operating costs remained high despite previous restructurings, noting that it had more employees than any other euro zone central bank.

Bank of France Governor Christian Noyer said in reaction afterwards that it was more important to improve productivity than to not replace all staff who retired. - Reuters


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