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BNP Paribas Plans ‘Significant’ Job Cuts at Investment Bank

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.