French bank looks at options in Tokyo

Turkmenistan News.Net
Sunday 28th December, 2008

French investment bank Natixis, which has been affected badly by the global credit crunch, has decided to slash jobs at its Tokyo branch.

The bank is expected to lose 85 positions out of a staff of 100.

French financial daily La Tribune reported on Saturday that Natixis would close down completely in Tokyo, although the bank has denied this.

Natixis announced earlier this month that it stood to lose up to US$605 million dollars in exposure to alleged fraudulent trades, made by the New York investment manager Bernard Madoff.

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