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French banks to slash US staff

Major French banks, BNP Paribas, Societe Generale and Credit Agricole are currently cutting about 1,000 jobs in US broadly due to the repercussions caused by raising dollars, according to news report.

Societe Generale Americas CEO Diony Lebot told French Daily Les Echos that the layoffs were implemented due to the reduction of financing in non-securitised dollars and stringent banking credit requirements.

Societe Generale has already dismissed 20% of 2,000- staff in its US branch while BNP Paribas is expected to slash about 10% of 3,000 staff in its New York office. Credit Agricole may eliminate 1,200 jobs outside of France.

According to Agence France Presse, the reduction in staff is due to increased exposure of French banks to sovereign debt and restrictive nature of US lenders to provide them with short-term financing in dollars.