Global banking and financial services group BNP Paribas has made an undisclosed number of Australian employees redundant in line with its restructure and cost-cutting plan.
“In September we announced an adaptation plan which included to do leveraging of our balance sheet [and] reduce our weighted assets,” a BNP Paribas spokesperson told InvestorDaily.
“As part of that adaptation plan, BNP Paribas has reduced its corporate investment banking headcount by about 1400 positions worldwide.”
The affected positions were mostly in capital markets and structured finance activities, and the redundancies were made last month, the spokesperson said.
The spokesperson declined to comment on how many people were made redundant from BNP Paribas’ Australian operations.
The group has also made some additions to its executive committee, appointing Marie-Claire Capobianco as head of French retail banking, Stefaan Decraene as head of international retail banking, Yann Gérardin as head of equities and commodity derivatives, Frédéric Janbon as head of fixed income, Thierry Laborde as head of BNP Paribas Personal Finance, Eric Lombard as head of insurance and Eric Raynaud as head of the Asia-Pacific region.
BNP Paribas has also recently reorganised its general management with the appointment of three chief operating officers: Georges Chodron de Courcel, Philippe Bordenave and François Villeroy de Galhau.
The spokesperson said there was no link between the redundancies and changes in general management.
