Layoffs Watch '16: BNP Asking Investment Bankers To Consciously Uncouple From Their Jobs

The French bank needs 675 volunteers.

Can we get a show of hands? Anyone interested in phasing themselves out of employment?

BNP Paribas SA plans to eliminate as many as 675 positions at its French investment-banking division, or about 11 percent of the unit’s workforce in the country, as regulators increase scrutiny of riskier activities. The cuts in the corporate and institutional banking unit will be carried out through a voluntary departure program, a spokeswoman for France’s largest lender said on Thursday. The bank is seeking 1 billion euros ($1.1 billion) in annual cost savings at the securities unit by 2019 as it focuses on businesses that absorb less capital and generate higher fees. It also wants to reduce risk-weighted assets by 20 billion euros.

BNP Plans Up to 675 Job Cuts at Investment-Banking Division [Bloomberg]