BNP Paribas CEO Prot to Cut ‘Significant’ Number of Investment-Bank Jobs
BNP Paribas SA, France’s largest bank, plans “significant” staff reductions at its investment- banking unit as the lender cuts total assets by about 10 percent, Chief Executive Officer Baudouin Prot said.
“It’s essentially at our corporate- and investment-banking platforms,” Prot said in an interview on BFM radio today. “It will be a significant magnitude, but without reaching at all the figures announced by other banks, especially Anglo-Saxon ones,” he said, declining to give further details.
Prot also denied that the bank is making specific attempts to attract a Middle Eastern investor, as reported in the Financial Times.
BNP Paribas fell as much as 5.5 percent in Paris trading, and was down 1.14 euros, or 4.7 percent, to 23.32 euros by 1:49 p.m., valuing the bank at 28.2 billion euros ($38 billion). The stock has fallen 51 percent this year amid concerns over the deepening European sovereign-debt crisis.
“No particular measure is to be expected” for job cuts at BNP Paribas (BNP)’s consumer bank networks, especially in France, Prot also said.
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