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BNP's redundancy plan to affect 10% of Paris asset management staff

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BNP's redundancy plan to affect 10% of Paris asset management staff

BNP Paribas SA is launching a voluntary redundancy plan that will impact roughly 10% of the workforce at its asset management unit in Paris, Reuters reported Sept. 23, citing a statement from the bank.

The French lender said the move is part of efforts to streamline its product offering, regional organization and its entities to ensure that it maintains its competitive position, adding that it would prioritize shifting roles around internally.

BNP Paribas Asset Management currently employs more than 2,400 staff worldwide, the report noted.

This development follows a deal that will see BNP absorbing the global prime finance and electronic equities client portfolio of Deutsche Bank AG. The Financial Times previously reported that the move could see Deutsche shifting up to 800 staff under the deal.