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.