CACEIS to cut 400 jobs by 2023 amid competitive pressure, low rates – L'Agefi

CACEIS SA, the asset servicing unit of Crédit Agricole Group, plans to cut approximately 400 jobs from its 4,500 global workforce by 2023, L'Agefi reported March 9.

The move comes in an effort to control costs amid strong competitive pressure and pressure on revenues due to low interest rates, Emmanuelle Marteau Fernandez, CACEIS's chief human resources officer, told the French news site.

The job cuts would not involve any forced departures but will take place over the next three years through normal turnover and retirement, according to the report.

CACEIS is among the largest actors in the global securities services industry along with players such as Bank of New York Mellon Corp., BNP Paribas SA and Société Générale SA. The industry as a whole has faced an unprecedented decline in margins during the coronavirus pandemic, causing total revenues to fall to $35.7 billion in 2020 from $36.2 billion in 2019, despite record levels of assets under custody and administration, according to recent data from Coalition Greenwich.