PARIS, Oct 3 (Reuters) - French retail bank Credit

Commercial de France (CCF), backed by investment firm Cerberus

Capital Management, plans to cut more than 1,000 jobs, or about

a third of its workforce, three union sources told Reuters on

Thursday.

CCF's management at a works council on Wednesday presented a

first version of the plan that would lead to the closing of 90

to 110 branches and a reduction of between 1,000 and 1,200 jobs,

said one of the sources present at the meeting.

This would represent the closure of almost half of CCF's

branches and the departure of a third of the employees, another

of the sources said.

At the start of the year, CCF had a total of 244 branches

and employed about 3,500 people.

CCF is a subsidiary of My Money Group, owned by Cerberus,

which completed the acquisition of the French retail bank from

HSBC ( HSBC ) in early 2024.

"CCF is an extremely solid bank, which we have stabilised

since its rebirth in January 2024, and which now needs to be

relaunched in order to return to the path of sustainable

growth," said a spokesperson for CCF.

Cerberus didn't immediately reply to a request seeking

comment.