Dexia plans

Dexia said it will cut back its core public banking business, pulling out of Australia, Mexico, India, Scandinavia and most of Eastern Europe. It will also significantly reduce its activities in the U.K. and in North America.
Instead it will refocus its government lending and retail business in Belgium, Luxembourg, Turkey and Slovakia.
The bank also unveiled an in-depth reorganization of trading activities to reduce its risk profile and said it will shed 900 jobs with the aim of saving €200 million a year from 2009.
In midmorning trading in Brussels, Dexia shares were down 3.8%.
Jean-Luc Dehaene, Chairman of the Board of Directors, said: "The steps announced today are difficult but necessary if our group is to adapt to the demanding conditions of a sustainable recovery."
The implementation of this transformation plan requires a contribution from shareholders, management and employees alike, with everyone assisting to place Dexia back on a firm footing."
The bank also said it will cancel dividends and bonuses for 2008 and director salaries would be cut in 2009.

Dexia was bailed out with a €6.4 billion cash injection from the governments of France, Belgium and Luxembourg early in October, followed by state guarantees from the same governments a week later after its share price plummeted.
It sold off its ailing U.S. bond insurer FSA in November but the deal excluded FSA's €16.5 billion toxic Financial Products portfolio containing securities heavily exposed to the U.S. subprime market.

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