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France’s largest bank, BNP Paribas SA, has been reported to soon cut as much as 40 jobs in Asia, according to an article by Bloomberg.
The job reductions, including more than a dozen in Hong Kong, would be equivalent to as much as 20% of the Paris-based bank’s cash-equities workforce in Asia.
In fact, the article stated the job cuts are part of the bank’s move to scale back its cash-equities unit in Asia, “according to a person with knowledge of the matter”.
“As part of the move, BNP Paribas is relocating employees from Korea and other smaller markets to Hong Kong, said the person, who asked not to be named discussing private information,” Bloomberg stated.
It added that BNP Paribas is among the list of global banks that cutting expenses to help weather record-low interest rates, turbulent markets and tougher regulatory requirements.
Human Resources reached out to BNP Paribas, who declined to comment on the matter.
According to another report by Reuters, BNP Paribas had also announced a voluntary redundancy plan that called for up to 675 job cuts at its corporate and institutional bank (CIB) in France in April.
The Reuters article said the bank had stated it planned to save more than 1 billion euros by 2019 to boost profitability and help to mitigate the impact of rising regulatory and compliance costs in its corporate and institutional banking division.
“The employees affected by the plan would be faced with the choice to either leave the company or to accept ‘mobility’ with a potential cut in remuneration,” Reuters stated, quoting the General Confederation of Labour (CGT).
Bloomberg added the firm wants to reduce the cost of operating in smaller Asian outposts and is seeking to locate most of its equity research business in Hong Kong, Tokyo and Mumbai.
It will serve global clients seeking to trade cash equities in Asia out of Hong Kong, Singapore, Tokyo, Mumbai and New York.