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How the Bank of France carried out its slimming cure

2023-05-28T21:50:24.578Z

Highlights: In less than ten years, from 2015 to 2022, the Bank of France's workforce decreased by 25.4%. By the end of 2024, the bank will have 8,800 full-time equivalents (FTEs), compared to 13,000 in 2011. To motivate staff to meet the objectives, a system of collective profit-sharing, half of which is linked to the good control of overheads, has been set up. This scheme has resulted in a reduction in the volume of expenditure of 3.5% per year.


DECRYPTION - The institution, long considered a paragon of conservatism and privileges of the public service, has reformed at a snail's pace in recent years.


In less than ten years, from 2015 to 2022, the Bank of France's workforce decreased by 25.4%, with retiring battalions not being replaced. According to the institution's projections, by the end of 2024, the bank will have 8,800 full-time equivalents (FTEs), compared to 13,000 in 2011. This scheme has resulted in a reduction in the volume of expenditure of 3.5% per year, on average over the past eight years.

At the head of the institution since 2015, François Villeroy de Galhau explains that he has "entered into a logic of contract. Each Director General has been assigned a staffing, overhead and investment envelope for the period of the plan. It's a tough exchange for responsibility and I believe that only this predictability makes it possible to move forward." To motivate staff to meet the objectives, a system of collective profit-sharing, half of which is linked to the good control of overheads, has been set up.

Read alsoFrançois Villeroy de Galhau: "Inflation would become a serious illness if it settled"

The decline in staff has been accompanied by a restructuring of the vast network of...

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Source: lefigaro

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