Report - BNP Paribas mulls reorganisation that may bring deepest cost cuts since financial crisis

A review is said likely to be complete in the next several weeks.

BNP Paribas is considering a reorganisation of its securities unit that may bring the deepest cost cuts since the financial crisis.

Bloomberg News reports that the bank enlisted Oliver Wyman and Boston Consulting Group to work on the revamp, dubbed 'CIB of tomorrow', said three people with knowledge of the matter.

The review is settling on areas for cuts and should be completed in the next several weeks, they said, asking not to be identified because the deliberations are private.

BNP, one of Europe’s biggest debt underwriters, joins Deutsche Bank and Barclays in preparing an overhaul as tougher capital rules make some trading less profitable. BNP may target cost reductions of 20% through 2019 at the corporate and investment bank, while trying to increase revenue, the people said. That would exceed the previous round of cuts in 2011 and 2012.

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BNP Is Considering Its Biggest Bank Revamp Since the Crisis

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