PARIS -- Ailing French state bank Credit Lyonnais and the bank employees union Syndicat National des Banques signed an agreement allowing the bank to cut 1,124 jobs in France by the end of March 1995, as part of its recovery plan.

Credit Lyonnais agreed not to fire anyone outright before that date, to retrain employees so they can be shifted to priority jobs left vacant by those leaving, and to help with relocation. It also agreed to give financial aid to individuals who want to leave Credit Lyonnais to pursue other projects, like forming their own businesses. The bank said it would set aside $36 million to $60 million for restructuring costs in 1993.

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