* Division head says changes not linked to U.S. case
* No job cuts expected as result of reorganisation
PARIS, Nov 20 (Reuters) - French bank BNP Paribas said on Thursday it was reorganising its corporate and investment banking activities to fold securities services into the division and bring equities and fixed-income activities closer together.
The shake-up, which the bank said was to adapt to regulator changes and clients’ shifting needs, comes as the division tries to move on from a U.S. sanctions violations case earlier this year that cost the bank nearly $9 billion.
Corporate and institutional banking head Yann Gerardin told Reuters the move had not been prompted by the fine and was about improving the division’s focus on institutional clients. He also said no job cuts were planned as a result.
BNP Paribas Security Services, which includes activities like custodian services and transaction processing, will be brought into the renamed corporate and institutional banking division, as is common in the structure of most other big banks.
Additionally, the investment banking division’s equities and fixed-income businesses would be brought together under a new global markets structure, the bank said.
In the first nine months of the year, the CIB division booked a pre-tax profit of 1.96 billion euros ($2.45 billion) on revenues of 6.7 billion euros.
BNP pleaded guilty to two criminal charges and agreed in July to pay almost $9 billion to resolve accusations it violated U.S. sanctions against Sudan, Cuba and Iran.
The bank’s then chief operating officer Georges Chodron de Courcel, who had direct responsibility for investment banking activities, stepped down shortly before the settlement was announced. Reuters reported at the time that New York’s banking regulator had requested his departure.
1 US dollar = 0.7990 euro Reporting by Leigh Thomas; Editing by Alexandria Sage and Susan Thomas