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BNP Paribas looks to cut 675 jobs in French unit

BNP Paribas is looking to cut as many as 675 roles at its corporate and institutional bank in France. Regarding to the lay-off plans, the bank has presented a voluntary redundancy plan in front of employee unions. The bank has said earlier it has plans to save more than € 1 billion by 2019 to help mitigate the impact of rising regulatory and compliance costs. The bank wanted to reduce low-return activities and portfolios and make adjustments in all regions, a process the bank had already started in the Middle East, Africa and Russia. The French unit has said it aims to gain market share in investment banking as rivals retreat to develop less capital-intensive and fee-driven businesses.

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