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BNP Paribas may cut UK staff

BNP Paribas is undertaking a review of its global markets business in Britain and there are fears that this may lead to layoffs in the country. The job cuts would be maintly in the new global markets unit, comprising its primary and secondary capital markets businesses under Yann Gerardin, head of corporate and investment banking. The bank told some 100 staff members that their roles were ‘at risk’, according to sources. It is expected that the staff concerned will enter into a week-long consultation as part of the process, which is mandatory. It is expected that some of the staff in the department may move to other departments of the bank.

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