PARIS (Reuters) - BNP Paribas (BNPP.PA) has called an exceptional meeting with its works council for Jan. 27 to discuss the situation at its corporate and institutional banking arm and “social measures” proposed by management including job cuts, daily newspaper Les Echos reported.
The newspaper quoted Joel Debeausse, a SNB/CFE-CGC union representative at the French bank, as saying “the number of jobs cut should be lower than that in the previous plan” in 2011, when 373 posts were axed in France.
The move follows more demanding regulation prompted by the financial crisis, the deterioration of the economy and sanctions imposed by U.S. authorities, Les Echos said.
The newspaper added that some of the best paid bankers at BNP Paribas CIB in France would see their bonuses cut by an average of 50 percent this year.
BNP was not immediately reachable for comment.
Reporting by Gilles Guillaume and James Regan; editing by Jason Neely