BNP Paribas to simplify wealth management structure

BNP Paribas plans to simplify the legal structure of its wealth management operations within the group in some of its branches in France and Asia, according to a statement by the FO banking trade union.

Reuters reports that the move would fit with the bank's broader plan to review operations, cut expenses and boost cross-selling, as compliance and regulatory costs weigh on profitability targets.

Under the wealth management project, BNP plans to fold the legal entity BNP Paribas Wealth Management, which stands for a Paris branch situated in the city centre, into the parent BNP Paribas. It plans to make similar moves with its branches in Hong Kong and Singapore, the FO union said on its website.

"The context of the merger is due to the decrease of net banking income, largely related to compliance and rules that change constantly," the union said, adding management had no redeployment plans for the employees affected in Paris.

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BNP Paribas to simplify its wealth management structure

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