December 15, 2016 / 2:21 PM / a year ago

Credit Agricole's LCL to cut 20 pct of back-office staff -union source

PARIS, Dec 15 (Reuters) - Credit Agricole’s French retail bank unit LCL is to cut 750 to 850 of back-office jobs - or 20 percent of its support functions - over the next two years as part of a voluntary redundancy plan, a union source said.

LCL is cutting staff and closing branches as declining revenue in a low interest rate environment forces the bank to shed costs.

The source confirmed an earlier report by French newspaper Les Echos which said that the plan would not imply any layoffs and was meant for employees who retire soon or who would accept change jobs in the group.

LCL is already undergoing a plan to cut 1,400 staff in its networks over 2015-2018.

LCL declined to comment.

Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta

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