BNP Paribas Said to Cut 233 Investment-Banking Jobs in Londonby and
Bank cutting London securitization team by half, person says
Cuts implemented by end of year will see 100 leave in weeks
BNP Paribas SA, France’s biggest lender, is cutting 233 investment-banking jobs in London, according to a person with knowledge of the plan.
The bank has already identified 100 of the staff to be cut, who will leave the firm within weeks, the person said, asking not to be identified as the plan hasn’t been announced. The current 35-member London securitization desk will be cut by half, and all of the reductions will be implemented by the end of the year, the person said.
BNP Paribas is among global banks reducing expenses to help weather record-low interest rates, turbulent markets and tougher regulatory requirements. It announced plans last month to eliminate as many as 675 positions at the investment bank in Paris. The London cuts were reported by Reuters earlier Wednesday. A spokesman at the bank declined to comment.