BNP Paribas bank to axe 1,400 jobs around world: unions

16th November 2011, Comments 0 comments

BNP Paribas plans to cut 373 jobs in France and 1,023 more abroad in its corporate and investment bank CIB, unions at the leading French bank said on Wednesday.

Management made the announcement at a works council meeting, the CGT and CFDT unions said.

The CFDT said on its website that the job cuts were a "further step to reassure the markets and the ratings agencies" while the bank's employees were "reaping the fruits of speculative folly."

BNP Paribas said earlier this month it planned to cut staff numbers after the Greek debt crisis hit the bank's third-quarter results, with net income down 71.6 percent to 541 million euros ($746 million).

The bank said it was writing down 60 percent of its Greek debt, reducing its exposure to other European sovereigns and cutting jobs to tackle the effects of the debt crisis.

Societe Generale, another major French bank, also plans to cut several hundred jobs in its French corporate and investment bank, unions said Tuesday.

There was no immediate confirmation from BNP Paribas on the job cuts.

© 2011 AFP

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