BNP Paribas (BNP.PA) is set to cut nearly 1,400 jobs from its corporate and investment bank, union representatives said on Wednesday.
The cuts will include 373 jobs in France and more than 1,000 jobs abroad. Most of the layoffs are expected in the structured finance and capital markets teams.
The announcement came a day after rival Societe Generale (GLE.PA) said it was in talks with unions over layoffs. One union member said the number of job cuts to be about 500 to 600, according to a Reuters report.According to another Reuters report, the CEO of SocGen has said a recession cannot be ruled out in France in 2012 and that layoffs cannot be avoided.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV