Natixis, the fourth largest bank in France which was formed only two years ago, is stepping up a sweeping cost-cutting plan by making “significant reductions” in its corporate and investment banking division after it was hit by a 56% fall in first quarter net income.

The bank said during the presentation of its results today: “Concerning the activities impacted by the current market environment, significant reductions are planned. They will concern investment banking.” At the end of last year, Natixis employed just under 22,000 staff at group level, globally. The proportion of staff in investment banking staff is not known.