News

The weeks are passing and announcements follow, markets and rating agencies continue to shake the French banks and the stock markets. Announcements of our employers are unfortunately again the same: the return to massive dismissals.



Whatever the level of the results of French banks is, they continue the job cuts or non-replacement of departures, to please shareholders of financial markets.



For FO Banques and Sociétés Financières, these financial dismissals which in reality are other than financial adjustments without any economic perspectives, they only generate short-term results and serve the dividends at least in a short term perspective. That is why FO Banques and Sociétés Financières say stop to these dictates and ask to stop these plans of job cuts in France and throughout Europe.



It is too easy to use foreign legislation being less protective than in France to put employees at the door. Speaking about voluntary departures seems an usurpation of what reality is like, when we know that in a country like Greece European employees will undergo closure of BNPP in locations that have virtually no chance of finding other jobs.



We should not misunderstood, if these days French banks have published results in the third quarter which declined compared to last year’s results, still they are "comfortable" (700 million euros for BNPP, over 600 million for Société Générale) and do not justify at all the hundreds of job cuts announced.



FO Banques and Sociétés Financières stand in solidarity with all the employees of the banking groups and also claims substantial redistribution to employees of the bank profits. With regard for exmple to BNPP, Societe Generale and Credit Agricole SA, FO Banques denounces the indecency of job cuts while the benefits are there and it would just be sufficient "to control the appetite of shareholders and forget the sacrosanct return of equity of 15%."



Source: FO Banques, France