Dexia Plans Another EUR240 Million In Cost Cuts - another 700 - 800 job losses
Friday, 3 September 2010 | 
Finance - Banki...
Dexia, a specialist in local government finance, is planning EUR240 million in cost-cuts in what will be the final round of its 2008 savings plan, the bank said Friday. The company will put its plan to employees at a union meeting to be held Sept. 15, it added. An article in Friday's edition of Belgian daily De Standaard said the latest round would include another 700 to 800 job losses. They would come on top of 1,500 already made over past months. "We are analyzing every hypothesis in order to hit that (EUR240 million) target," Dexia said in a statement. The plan has not been finalized, but "our aim is to avoid forced redundancies," it said.
Dexia was bailed out by the Belgian, French and Luxembourg governments with EUR6.4 billion in cash and guarantees for its borrowing when it became engulfed in bad debts during the financial crisis. In November 2008 the company launched a transformation plan to ensure its future viability, radically reducing risk, refocusing on traditional markets and trimming EUR600 million in costs. Only EUR360 million in cuts have been identified so far.
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Comments
Dexia Risk Report 2009 (Pillar 3)
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