The extent of the damage has not yet been defined, but initial estimates promise major social disruption in the banking sector. Around 1,410 jobs and 84 agencies targeted will potentially be eliminated within the bank Crédit commercial de France (CCF), a descendant of HSBC France, in the coming years.
If these figures were to be confirmed – they are still at the center of negotiations with the unions – more than a third of the payroll would be affected. The unions (CGT, FO, CFTC, etc.) believed, during discussions started last November, that the management of the banking group would try to remove “between 25 to 30%” of the current 4,000 positions.
“The promise was made to retain the workforce”
“After negotiation of the Job Protection Plan, layoffs should take place between October 2026 and the last quarter of 2026”indicated the management to the elected union officials, reports Force Ouvrière (FO), the first union within the group, in a press release. According to the latter, CCF management wishes to close 30% of the agencies present in Île-de-France, in large cities and 40% in the rest of the territory.
“When HSBC sold its retail bank, the promise was made to retain staff for a yearexplains the CGT Federation of Banking and Insurance Staff Unions. Announcements of deep cuts this early October (month of publication of the CGT press release – Editor’s note) come less than a year after the acquisition by My Money Group (MMG). »
The latter, a banking consortium itself owned by Cerberus, a US investment fund, bought HSBC France for a symbolic euro at the end of 2023. Problem with the group was “also a computer system dating back fifteen years and a bank which was already experiencing financial difficulties”reports the investigative media Mediapart.
But not enough to justify the extent of the damage desired by CCF management, regrets the FO delegate, Eric Poyet: “This social plan arises mainly from the profitability requirements of the American investment fund Cerberus. » The union representative adds, in the press release published by FO that, “As of the transaction date in 2023, HSBC transferred net assets worth €2.6 billion to MMG (…) Which amounts to signing a substantial check aimed at HSBC to offload its agencies in France”. According to the latter, this money should have been used to “finance a recovery plan, not massive layoffs”.
The commitment of MMG, which had promised during the takeover not to make any layoffs, ended in 2024. This plan, ” expected “, must allow the CCF “to become profitable, since the activity of the CCF today with its existing network and with the existing staff does not generate sufficient profitability », affirmed Bruno Ronsin, elected CFTC, at the end of a meeting of the social and economic committee (CSE) of the bank, last October.
The broad outlines of the famous plan indicated a restructuring of several sites, notably Paris, but also a new axis for customers, more « patrimonial » and based on a “broad delegation of power from agency directors and advisors”. Management thus remained evasive on the number of jobs affected. After the shock, the unions explain that they are continuing their battle to reduce the damage as much as possible. The negotiations, which began in mid-December, will continue over the coming weeks, with no deadline having been set.
Alongside those who struggle!
The social emergency is Humanity’s priority every day.
- By exposing employer violence.
- By showing what those who work and those who aspire to do experience.
- By giving keys to understanding and tools to employees to defend themselves against ultraliberal policies that degrade their quality of life.
Do you know of any other media that does this? Support us!
I want to know more.
