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.”
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