(Bloomberg) — BNP Paribas SA is planning to cut as many as 50 roles across its unit in the UK as Chief Executive Officer Jean-Laurent Bonnafe ramps up efforts to curb costs.
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The bank has started consultations with the employees as part of a yearly review of its staffing, people familiar with the matter said. BNP Paribas has about 4,500 staff in its UK bank.
The French lender is working to offer the affected employees different roles within the organization where possible, the people said, asking for anonymity because the plans aren’t public yet.
A spokeswoman for BNP Paribas declined to comment.
The cuts come as Bonnafe seeks an additional €400 million ($429 million) in costs savings to offset revenue headwinds. Lower expenses helped lift the bank’s profit above analysts’ expectations in the first quarter, even as its fixed-income traders trailed peers.
Read more: BNP Paribas Beats Estimates as Bonnafe Steps Up Cost Cuts
The bank explained the trading decline by a strong performance a year earlier and its bias toward Europe, which was more impacted by lower volatility. Demand picked up in March, BNP said Thursday.
–With assistance from Helene Durand.
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