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BNP Paribas Custody Unit Wants to Reduce French Staff by 20%

BNP Paribas SA Headquarters And Branches As Bank Fined $246 Million Over Currency Manipulation
Photographer: Christophe Morin/Bloomberg

BNP Paribas SA plans to cut about 20% of jobs at its securities services unit in France over the next three years, according to a union representative.

The bank wants to shed 450 to 550 positions at the business by 2021, Joel Debeausse, a representative for the SNB labor union, said by phone Thursday, citing a June management presentation to staff representatives. This year, about 100 positions will be cut in France while about as many are being created in Portugal, he said