From the Wall St Journal: BNP Paribas, France's largest bank by market value, said Wednesday that it plans to cut almost 1,400 jobs, or close to 7% of the staff, at its corporate and investment bank in response to Europe's deepening sovereign-debt crisis.
Chief Executive Baudouin Prot told union representatives earlier in the day that as part of its push to conform with new capital rules and to cope with tougher market conditions, the bank has launched the global restructuring of its corporate and investment bank.
A BNP Paribas spokeswoman said the move was part of the bank's adaptation to the new regulatory environment…
Read more at http://online.wsj.com/article/SB10001424052970203611404577041891515804610.html?mod=WSJ_hp_LEFTTopStories
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