BNP Paribas SA, under a yearlong ban on some dollar clearing, is revamping its trade financing, corporate deposit and cash gathering businesses in Europe, the Middle East and Africa in a bid to boost profit.
BNP Paribas named Jacques Levet as head of transaction banking for EMEA, a four-page memo dated January 14 and seen by Bloomberg News shows. Levet, who will oversee activities such as cash management and trade finance, assumes a new position and will seek to 'reinforce efficiency,' the memo says.
BNP Paribas is reviewing some corporate and investment banking businesses two months after Yann Gerardin, the unit’s new boss, reshuffled management. The company was due to meet with labor representatives in France this week to discuss employment measures which may include job cuts.
BNP Paribas, fined a record $9 billion in June for violating U.S. sanctions, is barred from running some dollar-clearing operations this year, including oil and gas finance in Paris, Geneva and Singapore as well as trade finance in Milan. The company is spending 200 million euros ($227 million) to improve compliance.
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