BNP Paribas's plan to cut over 10% of its investment banking jobs in France will affect IT and operations staff along with corporate trade and treasury, financing, advisory and global markets, among others, the CGT union said.
Reuters reports that BNP Paribas announced earlier in April a voluntary redundancy plan that calls for up to 675 job cuts at its corporate and institutional bank (CIB) in France which employs 6,000 staff.
In the meantime, Bloomberg News reports that BNP Paribas is scaling back its cash-equities unit in Asia in a move that includes cutting as many as 40 jobs and exiting the business in Indonesia, according to a person with knowledge of the matter.
The job reductions, including more than a dozen in Hong Kong, would be equivalent to as much as 20% of the bank’s cash-equities workforce in Asia, the person said. As part of the move, BNP Paribas is relocating employees from Korea and other smaller markets to Hong Kong, said the person, who asked not to be named discussing private information.