Bloomberg - BNP Paribas plans to cut 675 investment banking jobs

Departure

The bank is planning a voluntary departure program for its corporate and institutional banking unit.

BNP Paribas plans to eliminate as many as 675 positions at its French investment-banking division, or about 11% of the unit’s workforce in the country, as regulators toughen scrutiny on riskier activities.

Bloomberg News reports that the bank is planning a voluntary departure program for its corporate and institutional banking unit, a spokeswoman said on Thursday. The bank has said it’s seeking $1.1bn of annual cost savings at its securities unit by 2019, while trimming $22.5bn in risk-weighted assets as it focuses on businesses absorbing less capital and generating higher fees.

“They have no choice,” said Jean Pierre Lambert, a London-based analyst at Keefe, Bruyette & Woods with a buy rating on the shares. “It’s deeper than one would have expected.”

To access the complete Bloomberg News article hit the link below:

BNP Plans Up to 675 Job Cuts at Investment-Banking Division

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