BNP Paribas’s Cofinoga Unit to Cut 433 Jobs, CFDT Union Says

BNP Paribas (BNP) SA’s Cofinoga credit unit plans to cut 433 jobs, according to the CFDT labor union.

Most of the staff reductions will be at a site in Merignac, France, the CFDT said today in an e-mailed statement.

Cofinoga, jointly owned by Paris-based BNP Paribas and Galeries Lafayette SA, aims for cost savings of 100 million euros ($129 million), partly through job reductions, the company said in a statement last week.

To contact the reporter on this story: Stephen Taylor in Paris at staylor8@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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