Reuters - BNP Paribas firm may make significant middle and back office job cuts

money cuts

Another firm in the midst of an overhaul.

BNP Paribas may make significant middle and back office job cuts as part of a plan to cut costs in its investment bank that includes using 'big data' technology to identify client needs, a person familiar with the matter said.

Reuters reports that like rivals around Europe, the bank is in the throes of an overhaul that could lead to job cuts, as tightening regulation in Europe and the United States strains finances.

As part of a drive to cut costs by 20% in its corporate and institutional banking (CIB) division, which employs more than 29,000 people, the bank is weighing the use of innovative computer technology known as 'big data' to identify client needs more precisely and save money, the person said.

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BNP Paribas eyes technology as way to cut investment banking costs

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