02 Dec '11, 11pm

French bank BNP Paribas cutting jobs in Singapore

French bank BNP Paribas cutting jobs in Singapore

BNP has about 1,700 staff in Singapore. The expected job losses are in corporate and investment banking. -- ST PHOTO: LAU FOOK KONG By Robin Chan French bank BNP Paribas is laying off staff in Singapore, with up to 60 people likely to be affected, according to people with knowledge of the situation. The cuts follow an announcement by the bank last month that it will lay off about 1,400 staff globally in its corporate and investment banking unit. The downsizing comes as the bank shrinks its assets and restructures as a result of the ongoing euro zone sovereign debt crisis and new banking regulations. The bank is also believed to have let go an entire soft commodities team in Hong Kong, obtained as part of its acquisition of Belgian bank Fortis in 2009. Soft commodities are those such as grain and cotton. Please enable JavaScript to view the comments powered by Disqus. blog ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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