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

Jan. 25 (Bloomberg) -- BNP Paribas 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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