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Credit Agricole to slash 2,350 jobs worldwide

French banking group Credit Agricole is planning to slash 2,350 jobs worldwide amid Euro debt crisis, with France taking the major brunt at about 850 expected job cuts.

The banking group is expected to cut 1,750 jobs at its corporate and investment bank, while 600 cuts are likely to be at its factoring and consumer finance arms.

Credit Agricole said it would exit 21 of the 55 countries it operates in, and also warned that it would post a net loss this year.

In November 2011, Credit Agricole has reported a net income of EUR258m for the third quarter of 2011, down 65.2%, compared to EUR742m for the same period in 2010, after being hit by losses on Greek sovereign debt.

In the third quarter of 2011, the impact of the European support plan to Greece was EUR637m.

The other French banks Societe Generale and BNP Paribas are also planning to cut hundreds of jobs worldwide.