BNP Weighing Up to 150 Job Cuts in Geneva to Slash Costs [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
invest.bnpparibas.com/en
Company Research
Source: BNN Bloomberg
The French lender is consulting with staff representatives on the move and the process will last for weeks, said one of the people, who asked not to be identified discussing personnel. The roles may include back-office and IT positions but exclude wealth management, the person said. The bank has more than 1,000 employees in Switzerland across Geneva, Zurich and Lugano, according to its website. It's possible the number of jobs cut could be smaller and some people could be relocated within the business, the person said. In an email, the lender confirmed it has initiated consultations with its staff commission in Geneva “as part of the continuous adaptation of its organization,” but declined to share details. The reductions are part of Chief Executive Officer Jean-Laurent Bonnafe's efforts to seek an additional €400 million ($431 million) in cost savings to offset revenue headwinds. The Paris-based firm leaned on lower expenses to boost its first-quarter profit that beat analyst
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