BNP Paribas said plans to relocate senior jobs to Paris

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BNP Paribas is planning to relocate as many as 40 senior positions in the investment bank from London to Paris as the bank overhauls the division, two people familiar with the plan said.

Bloomberg News reports that the company is seeking to move bankers who work mainly in advisory roles and are on expatriate contracts, said the people, who asked not to be identified because the details are private. The move would help reduce the bank’s costs, the people said. BNP Paribas is also considering reorganizing the corporate finance division by creating divisions along country and industry lines, two people said.

Discussions on the moves are at an early stage and no final decision has been made, said the people. A spokesman for BNP Paribas in London declined to comment.

The firm is looking to trim $1.1bn in costs at the securities unit, or 12% of the division’s cost base, by 2019 as part of an overhaul that will see the lender focus on businesses that generate higher fees and use less capital. With the review, BNP Paribas is also seeking to counter what it expects to be higher expenses from regulation and the cost of expanding some businesses.

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BNP Paribas Said to Relocate Advisory Jobs From London to Paris

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