Credit Commercial de France (CCF) is set to make significant workforce cuts and branch closures as part of a restructuring effort following its acquisition by Cerberus Capital Management in early 2024. Union sources revealed that the bank plans to eliminate between 1,000 and 1,200 jobs, equating to roughly a third of its workforce, and close between 90 and 110 branches—nearly half of its current network. CCF's management presented the plan during a works council meeting, but the bank has yet to confirm the exact figures.
The acquisition of CCF by Cerberus, under its subsidiary My Money Group, was part of HSBC's strategic retreat from slower-growing European and North American markets. HSBC had sold its French retail banking operations to Cerberus in 2021, a move that resulted in a loss of around $2.3 billion for the British bank. Since the takeover, CCF has focused on stabilizing its operations, but the restructuring now aims to enhance efficiency and foster sustainable growth in the competitive retail banking market.
CCF management has indicated that the bank is exploring new strategies to provide more autonomy to branch managers, which could impact staffing and branch operations. While the bank remains optimistic about its future prospects, the restructuring plan has raised concerns among employees and unions, particularly with the significant reductions in both workforce and branch locations. Cerberus and CCF are expected to continue refining the details of the plan as they push forward with their efforts to relaunch the bank.
