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CGT union rejects BNP's French i-bank job cuts deal

The employees affected by BNP Paribas SA's investment banking would be given a choice toeither leave or accept mobility with a potential cut in compensation, the CGTunion said May 4, adding that it refused BNP's proposed job cuts.

The union provided a breakdown of 602 jobs affected by BNP'srestructuring plans for its investment banking business in France. The layoffs wouldaffect, among other teams, IT operations, finance corporate and institutionalbank, corporate trade and treasury solutions, corporate clients financing andadvisory and global markets.

According to the breakdown, the IT operations would beaffected the most, with 284 jobs on the line, followed by finance corporate andinstitutional bank, with 85 jobs.