French bank BNP Paribas joins lay-off brigade
Given the slowdown in capital markets coupled with the global issues, most banks are looking to restructure teams to ensure profitability of the Indian arm. As a part of its global plan to downsize, French bank BNP Paribas is shedding jobs in India. Globally, BNP plans to cut 1,400 jobs globally, including 1,000 outside France. Last week, the bank asked nine executives from its domestic fixed income and investment banking divisions to leave. Out of the nine employees, who were laid-off, seven were from the fixed income division and two were from the investment banking unit.
Given the slowdown in capital markets coupled with the global issues, most banks are looking to restructure teams to ensure profitability of the Indian arm. As a part of its global plan to downsize, French bank BNP Paribas is shedding jobs in India. Globally, BNP plans to cut 1,400 jobs globally, including 1,000 outside France. Last week, the bank asked nine executives from its domestic fixed income and investment banking divisions to leave. Out of the nine employees, who were laid-off, seven were from the fixed income division and two were from the investment banking unit.
The steps reflect the austerity measures adopted by financial services firms as they struggle to make profits in tough market conditions.
Source:The Economic Times
