The former HSBC France, bought by My Money Group, will cut 1,400 positions and close a third of its bank branches.
CCF management had prepared minds for a severe restructuring. On Wednesday, the ax fell. The former retail bank of HSBC France, purchased on 1is January by My Money Group (MMG), a subsidiary of the American investment fund Cerberus, presented to employees its strategic plan for 2025 and 2026, which involves the elimination of more than a third of the workforce. At the end of the plan, in two years, the group will only employ 2,500 people, or 1,400 fewer than today (3,900). The cuts will mainly concern CCF, but also My Money Bank, the consumer credit specialist. Most departures will be on a voluntary basis, but « a few might be forced »explains a CCF spokesperson. A year ago, the bank's management committed to retaining all of the employees of the former HSBC France for one year, in 2024, therefore.
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CCF, which claims nearly 800,000 customers, also plans to close more than a third of its branch network (including almost half in Paris): their number will drop from 235 to 151. Even if the orders of magnitude were known, « there is still astonishment on the part of the employees at the scale of the plan »explains Bruno Ronsin, elected CFTC. The unions are now engaged in a phase of negotiations until the middle of next year.
Ce « profound transformation project aims to find the path to sustainable growth »explains in a CCF press release. In fact, the establishment, which claims to have lost few customers (- 5%) since the start of the year, is not making any money. This is not new, it was already like this in the days of the old HSBC France. « Our goal is to break even in 2026 and make a profit in 2027 »specifies the CCF spokesperson.
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