November 29, 2019 / 9:03 AM / 10 days ago

BNP Paribas considers axing 250 jobs in Switzerland

ZURICH, Nov 29 (Reuters) - BNP Paribas is considering laying off around 250 employees in Switzerland, France’s biggest bank said on Friday, blaming “major challenges” in the Swiss financial environment and seeks to cut costs group-wide.

The bank said it has begun an employee consultation period, which will to run through Jan. 14, to consider measures that could reduce the number of job cuts which will be implemented in 2020 and 2021.

BNP Paribas said it was facing problems with negative interest rates, shrinking profit margins while keeping up with technology investments. (Reporting by Brenna Hughes Neghaiwi, editing by John Revill)

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