Editor’s Note: The following post comes to us from Paul A. Ferrillo, counsel at Weil, Gotshal & Manges LLP specializing in complex securities and business litigation, and is based on an article by Mr. Ferrillo, Robert F. Carangelo, and Hannah Field-Lowes.
French banking group Credit Agricole is to cut 2,350 jobs around the world, including 850 positions in France, mainly at its Cacib investment bank, the Force Ouvriere (FO) union said on Wednesday.At Cacib, 1,750 jobs will be cut globally, including 550 in France, the union said. The bank's consumer credit branch, CACF, will see 600 jobs cut, half in France and half in the rest of the world.
The Burrill Report submits: Medical device giant Boston Scientific (BSX) said it would eliminate as many as 1,300 jobs or 10 percent of its workforce as part of a series of restructuring initiatives and management changes it says will drive profitable growth for the company. As part of these changes, the Natick, Massachusetts-based company says it will eliminate its international headquarters.