November 14, 2012 / 5:13 PM / 5 years ago

UPDATE 1-Natixis eyes new cost cuts as profit slides

* Plans 300 mln eur in additional reductions

* Quarterly profit falls 59 pct to 142 mln eur

* Perol mandate extended for four years (Adds details, background)

PARIS, Nov 14 (Reuters) - French bank Natixis heralded a new phase in its strategic overhaul plan on Wednesday, unveiling an effort to cut 300 million euros ($382 million) in additional expenses between now and the end of 2014.

Natixis, an investment bank and asset manager controlled by unlisted cooperative lender BPCE, also reported a 59 percent drop in third-quarter profit to 142 million euros as it was squeezed by accounting charges on its own debt and a continuing programme to sell off risky assets.

Natixis, which has said it was shifting its investment bank to a wholesale banking model, has been selling assets to cut risk and is seeking more cross-selling synergies with parent BPCE.

Quarterly revenue fell 14 percent to 1.36 billion euros.

Natixis’ shares are up 32 percent so far this year, outperforming the European banking sector, which has gained 16 percent in the same period.

Separately, BPCE announced that Francois Perol, a one-time adviser to former French President Nicolas Sarkozy, would get an early renewal of his term at the helm of the group for an additional four years.

Earlier in the year, there had been speculation that Perol’s days in the post were numbered both because of Sarkozy’s presidential election loss to Socialist Francois Hollande and because of a probe into suspected conflicts of interest. ($1 = 0.7856 euros) (Reporting by Christian Plumb; Editing by James Regan)

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