BNP Paribas Plans Trading Cutbacks Even as Revenue Tops Rivals
- Plans to win share in Americas, Asia, transaction banking
- Fourth-quarter trading income up 8.9% to $1.3 billion
BNP Raises Dividend to 2.31 Euros a Share
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BNP Paribas SA posted higher revenue from trading in the fourth quarter as most of its bigger competitors lost ground, while rising costs at the unit are prompting an overhaul of the investment banking division to support returns.
Fourth-quarter trading income rose 8.9 percent to 1.18 billion euros ($1.32 billion) in the three months through December from a year earlier, with fixed income and equities both posting gains, France’s largest bank said in a statement Friday. The Paris-based firm said it would shrink capital-intensive parts of its investment bank, while investing in businesses where it stands to gain market share.