BNP Paribas cut 500 jobs at securities services in France

BNP Paribas plans to cut about 500 jobs on the securities services wing in France, a union representative said Thursday as the bank seeks to reduce costs and maintain competition.

Major European banks such as BNP Paribas have relied more on volatile corporate and investment banks as interest rates have for years ultimately limited returns on retail banking.

France’s largest bank said all job cuts at BNP Paribas Securities Services would go through voluntary redundancies over the next three years.

Major European banks such as BNP Paribas have relied more on volatile corporate and investment banks as interest rates have for years ultimately limited returns on retail banking.

BNP Paribas has earlier announced plans to cut jobs in other entities, including its retail banks in Belgium and Poland./investing

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