Layoffs Watch '16: BNP Cutting Investment Bankers But It's Okay

The French are also *hiring*.

Well, maybe not okay for the ones getting canned but an exciting opportunity for the 60 people who get to claim their desks.

BNP Paribas plans to cut its investment banking staff in Britain by around 5 percent in 2016, a source familiar with the matter said, offering details of the bank's broader plan to cut costs in a division hit by tighter regulation and a slump in revenue. BNP plans to axe 233 British jobs but will also be hiring 60 employees there -- bringing the net headcount down to 3,105 in 2016 from 3,278 in 2015, the source said without giving details on where the job cuts would come from.

BNP Paribas to cut 5 percent of investment banking jobs in UK [Reuters]