'The bank had already begun to make redundancies'.
BNP Paribas is merging two research teams in a development that could see the bank cut around a dozen jobs globally as it looks to comply with new European regulations, two sources told Reuters.
Reuters reports that the move is the latest sign that global investment banks are starting to radically rethink their research franchises ahead of the January 2018 implementation of the so-called "MiFID II" rules which some analysts say could result in a 30% decline in global research spend.
BNP is merging its Markets Economics teams and Research & Strategy teams to form a single new team called Global Markets Research.
The restructure had put about a dozen jobs "at risk" globally, according to one source with direct knowledge of the matter. The bank had already begun to make redundancies in Asia, a second source with direct knowledge of the matter told the news agency.
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