Crédit Lyonnais planning revamp to cut costs 15%

A six-point plan outlining the revamp targets cuts in areas such as back office and computer and data processing - a growing source of expenditure for major banks in the run-up to the introduction of euro notes and coins next year.

Under the plan Crédit Lyonnais will effectively spilt its domestic corporate banking business in two, transferring the business of nearly 12,000 medium and large sized corporate clients to its finance and investment banking division.

The bank will also conduct a review of its international banking presence to establish a list of around 10 to 15 priority countries and areas ripe for reinvestment as well as identifying areas where it may reduce investment.