PARIS, March 21 France's BNP Paribas
plans to cut investment banking staff in France, the United
Kingdom and Luxembourg by the end of 2018, although staffing
levels at the business should remain stable in Europe overall,
it said in its annual report.
Many European banks from HSBC to Deutsche Bank
are cutting costs to boost profitability, with
mounting compliance and regulatory pressures weighing on higher
risk activities such as investment banking.
In Europe, BNP Paribas' corporate and institutional banking
(CIB) workforce should remain stable up to the end of 2018,
France's largest bank said, as it hires in lower cost countries,
such as Poland, Portugal and Spain.
"In France, the United Kingdom and Luxembourg, reductions in
employment levels are planned," the bank added, citing a
presentation made to its European Works Council in May and
BNP Paribas added in the report that its overall headcount
rose to 192,419 by the end of 2016 from 189,077 a year earlier.
The bank said that the number of employees overseeing
internal control rose 47 percent to 9,786, as banks around the
world beef up their compliance departments to meet onerous
regulatory demands aimed at fighting financial fraud.
BNP planned to cut its investment banking staff in Britain by
around 5 percent in 2016, according to a source familiar with
(Reporting by Maya Nikolaeva, editing by Louise Heavens)