France-based investment bank Natixis plans to slash 700 jobs by 2015 in a bid to minimize costs.
The business lines, which will be impacted by the job cuts, include equity brokerage, equity derivatives, advisory and global transaction banking, with majority of the effect striking the French staff rather than other countries, Reuters reported.
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"Management held a meeting on Monday and presented the restructuring plan for the business lines through to 2015. The total job cuts will be 700," according to sources.
This move to cut jobs follows the firm’s strategic plan to reduce costs as euro zone crisis fears shrink and investor’s will target on banks’ ability to return cash and expand profitably.
Earlier this year, Natixis has moved to a new structure to simplify its finances by closing a 20% stake in its parent BPCE, opening the way for higher dividends in the future.
Natixis has already passed a first wave of restructuring and sold its risky assets after it was bailed out BPCE during the 2008 financial crisis.
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