BNP Paribas said first-quarter profit fell 45% as revenue declined at the corporate and investment bank and a gain from an asset sale the previous year wasn’t repeated.
Chief Executive Officer Jean-Laurent Bonnafe embarked this year on a plan to cut $2.61bn of costs by 2015, while also expanding in Asian investment banking and asset management. The bank lowered operating expenses by 4.8% in the quarter from a year earlier, and booked $202.5m of cost-cutting charges in the period.
'In a lackluster economic environment in Europe', BNP Paribas had a 'quick start' to its 2015 savings plan and showed 'good control of costs and risks', Bonnafe, 51, said in the statement.
Pretax profit at BNP Paribas’s corporate and investment bank fell to $1.05bn from $1.51bn a year earlier
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