BNP Paribas said to consider regional job cuts

The 'CIB of tomorrow'.

BNP Paribas is considering job cuts in the Middle East as its investment banking business in the region slows, two people with knowledge of the matter said.

Bloomberg News reports that the bank may cut more than 100 of about 560 staff in the Gulf Cooperation Council region, with most reductions likely to occur in Bahrain, the regional headquarters, one of the people said, asking not to be identified because the matter is private.

BNP Paribas is reorganizing its investment bank, run by Yann Gerardin, to cut costs as global lenders face stricter rules and rising compliance needs. The lender enlisted Oliver Wyman and Boston Consulting Group to work on the revamp, dubbed 'CIB of tomorrow', people with knowledge of the matter said earlier this year. The bank in 2014 combined its GCC operations into an expanded Europe, Middle East and Africa region.

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BNP Paribas Said to Weigh Job Cuts in Middle East After Slowdown

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