BNP Paribas to cut 675 jobs in investment-banking unit

The Bank is set to cut 675 jobs from investment banking unit in France, as cost-cutting programme gets underway.

BNP Paribas is looking to cut 675 jobs from its French corporate investment banking business, according to reports.

The cuts will be made through a proposed voluntary redundancy programme, which the bank hopes will reduce headcount.

The news follows the bank’s recent cost-cutting attempts in which it said it hopes to save approximately €1 billion over the next year.

BNP Paribas outlined its cost-cutting plans in February.

The French bank explained it would pull out of costly activities, following increasing regulatory expenses, which have affected profits.

The plans also included a 12% reduction in spending in its investment-banking business by 2019.

BNP Paribas is the latest investment bank to announce a streamlining of its operations to reduce costs.

Citi is expected to cut around 70 staff working in its London office as part of its own cost-cutting programme.

Credit Suisse announced a further 2,000 cuts from its initial 4,000 following a cost-cutting programme which has targeted CHF 3.5 – CHF 4.3 billion savings by the end of 2018.