China Financial Daily

Dexia layoffs: Dexia intends to lay off 602 people
News on Sunday: The world’s largest provider of local government loans, Dexia (Dexia SA) said it would cut down 602 jobs to cut about 600 million euros in operating costs.

Last year, the U.S. bond insurance sector of Dexia involve into huge losses, forcing the bank to require France, Belgium and Luxembourg government to invest 6.4 billion euros capital injection. The bank in July has sold this U.S. unit.

Dexia Friday said the job cuts at its retail banking, commercial banking and insurance sector, among the layoff posts, 445 people will come from Belgium, 143 people from Luxembourg, and another 14 people from France .

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