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Report: BNP Paribas plans to slash 500 jobs at French unit to trim costs

BNP Paribas SA is considering shedding roughly 500 jobs at its BNP Paribas Securities Services unit in France to reduce costs, Reuters reported, citing a union representative.

The job cuts will be carried out through voluntary redundancies over the next three years, according to the Aug. 22 report. Some of the positions will relocate to Portugal, Joel Debeausse, deputy national delegate for the SNB union at BNP Paribas, reportedly said.

The bank said the move is to preserve BNP Paribas Securities' competitiveness, which is under pressure due to the low interest rate environment and global competition.

In February, BNP Paribas said it would cut an additional €600 million in costs, mostly from the investment banking division. The bank previously flagged plans to downsize its Asia equity research team in Hong Kong and Singapore, as well as cut jobs at other units, including retail banks in Belgium and Poland.