BNP Paribas Eyes Efficiency Drive That Could Ax 250 Swiss Jobs

(Bloomberg) -- BNP Paribas may eliminate 250 jobs in Switzerland as part of an overhaul aimed at countering the effects of slow global growth, negative rates and digitization.

The French bank employs about 1,400 people in Switzerland and the potential layoffs would target both the back and front offices as well as operational positions. Most of the roles are in Geneva.

This year, banks have announced tens of thousands of job cuts, almost all of them in Europe, where negative interest rates and a slowing economy is prompting lenders including Germany’s Commerzbank AG to step up cost reductions.

BNP Paribas said the efficiency drive would be implemented in 2020 and 2021. A consultation process for staff has begun with the goal of mitigating the effects of redundancies, the company said in a statement on Friday.

To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Ross Larsen

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