French bank Natixis plans to eliminate 245 jobs in France and transfer most of those jobs to Porto under a cost-cutting plan, Bloomberg news agency said on Friday.
Bloomberg, which cites a source close to the process, but asked not to be identified, said that of these 245 jobs, 209 will be in support functions at the headquarters in Paris, which will be transferred to the city of Porto.
The other 36 jobs that will be extinguished are from the bank's derivatives division in Paris, the source said.
The Paris-based bank presented the plan to the unions earlier this week and that affected staff will be offered voluntary leave packages or new jobs at Natixis, Bloomberg said.
Bloomberg also says that in November, the bank decided to abandon the sale of stock-derived products due to sharp losses, reduced the customer list from more than 400 to 50, after in August it even replaced the CEO.
Natixis' broader cost reduction plan aims to save a total of 350 million euros ($ 426 million) by 2023. In November, the bank informed staff in London that it would cut 50 out of 350 jobs, of which 30 would be transferred to Paris.