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As BNPP, the funding bank pays the highest price undergoing alone more than 1750 job cuts, 550 of which in France.Worst of all, nothing says that these reductions will be the last ones. FO Banques and Sociétés Financières condemn these job losses. Even if the crisis is present and the business activity suffers of it, the results and benefits of Credit Agricole remain important. Again, it will be the employees who will pay the bill.



Certainly, once more the Crédit Agricole groupe (as BNPP three weeks ago) evoke reclassifications and accompaniment measures, but for FO Banques it looks like stock layoffs. Employees are, once again, sacrificed on the altar of a logic dictated by financial rating agencies and markets in order to reassure the financial markets and shareholders. This is not acceptable!



We should remember that in the banking industry cost cutting means always harmful consequences for employees. That will say reductions of posts and blackmail of employees, strictness of payment and increased business pressures.



At the same time, this continues to serve the dividends of shareholders and some of the CEO's still get increases with double-digit percentages. For FO Banques and Sociétés Financières that must change! We want to get rid of the job cuts both in France and abroad. Bank profits, collected up by the work of all employees, must be redistributed to them.



The original press release from FO, France is here attached (in French only).



For more information, please contact

Sébastien Busiris / FO Banques et Sociétés Financières





Communiqué FO banques pdf du 15 décembre 2011.pdf