Cofinoga Job Cuts to Help Bring Back Profit in 2015, Echos Says

BNP Paribas SA (BNP)’s Cofinoga credit unit expects the elimination of 433 jobs through voluntary retirement will help revive profit at the business by 2015, Philippe Lemoine, president of the division, told Les Echos.

The company is also seeking to cut costs in information technology in a three-year plan, Lemoine was quoted as telling the French newspaper.

Cofinoga is jointly owned by Paris-based BNP Paribas and Galeries Lafayette SA.

To contact the reporter on this story: Andrea Rothman in Paris at aerothman@bloomberg.net

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

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