BNP - Profits Drop And Axe Falls

The FT reports that BNP Paribas has posted a 23% fall in third quarter profits.

The French bank was hit by weak equity markets and a fall in its investment portfolio. Net income for the period came in at £366m, down from £475m 12 months ago. At the investment bank, trading revenues fell 28% to £390m. Retail operations in France and the US put in a better performance as net income rose over 10% to £1.53bn.

In a related story, AFX News reports that the firm plans to exit 50 equities staff in Europe. The cuts are thought likely to come in London, Frankfurt, Madrid and Milan. The bank has not commented on the story.

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