BNP Paribas eyes cost cuts at UK global markets business - source
LONDON (Reuters) - French bank BNP Paribas is reviewing its global markets business in London in an attempt to cut costs and improve its profitability, a person familiar with the matter said on Friday.
The review was launched recently and will assess the bank's cost base and how to optimise resources and grow revenue, the person said.
A number of jobs are on the line at the bank's global markets business in London, although nothing has yet been decided before consultations are carried out, another person familiar with the situation said.
Many banks are cutting jobs and shrinking parts of their investment banking operations as profitability has been squeezed by tougher regulations.
BNP Paribas launched a reorganisation of its corporate and institutional banking business in November, folding securities services into the division and bringing equities and fixed-income activities closer together.
BNP Paribas has about 4,100 staff in its corporate and institutional banking business in Britain. Global markets is part of that business but the bank does not disclose how many staff it includes.
Efinancial News earlier reported BNP Paribas' rates and fixed income businesses would be a particular focus of the review, following other banks that have cut those business lines.
(Reporting by Steve Slater; Additional reporting by Leigh Thomas; Editing by Sinead Cruise and Mark Potter)
