BNP Paribas Personal Finance

Type
Internal restructuring
Country
France
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
209 - 244 jobs
Number of planned job losses
Job loss
35 jobs
Number of planned job creations
Job creation
Announcement Date
5 July 2011
Employment effect (start)
6 October 2011
Foreseen end date

Description

Management of BNP Paribas Personal Finance announced that over 200 jobs in its mortgage lending group willl be cut while 35 new jobs will be created in the retail banking branch.

BNP Paribas Group employs around 29,000 employees worldwide. The affected unit is the specialist personal credit provider of the Group. The management mentioned that the aim of this restructuring is to meet the new "Basel" standards imposed on banks following the financial crisis that started in 2008. With this restructuring measure, BNP Paribas intends to merge some of the activities of mortgage lending into the retail banking activities, so that the group can rely upon collecting deposits and therefore reduce institutional costs. "There will be no forced departures" stated by the bank, the restructuring will focus on "internal redeployment", which was confirmed by the trade unions. Starting immediately, on 1st of July, the phase of consultation with staff representatives is to be completed byOctober 2011.

Sources

  • 5 July 2011: Les Echos
  • 5 July 2011: Le Monde

Citation

Eurofound (2011), BNP Paribas Personal Finance, Internal restructuring in France, factsheet number 72152, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72152.