BNP is cutting 1,400 jobs at its investment bank. As we noted yesterday, around 300 of them are apparently being encouraged to take voluntary redundancy. We can only assume the rest are being commanded to leave involuntarily.
BNP’s insomniac chief executive Jean-Laurent Bonnafe appeared on Bloomberg earlier to say that they’re actually only 60% of the way through the headcount reductions but that it will all be done by the summer. Once this has happened, BNP will be able to take August off get on with the future, said Bonnafe.
There are no plans for further redundancies beyond that point. Bonnafe was unwilling to be drawn on the performance of the bank during April, but did say it’s been a “different month” to the first quarter, that the “momentum was different” and that there are uncertainties that remain.
Year on year, BNP performed less well than SocGen. Bonnafe was also unwilling to comment on this, but intimated that SocGen’s year-on-year outperformance may have been simply related to the fact that it had a poor first quarter of 2011.
Goldman Sachs is preparing to roll out a bond-trading platform on which it will charge lower fees than on typical bond trades. (WSJ)
Goldman Sachs is proactively engaging with a new message: Goldman cares about its clients and its community.(Dealbook)
Britain is again outnumbered 26:1 on its disagreement with the way the EU proposes to implement Basel III. (Financial Times)
The Basel Committee would like to scrap VaR. Risk managers beware. (Risk)
Beijing-based China Renaissance has broken out of China and into Hong Kong. (Bloomberg)
Credit Suisse wants to boost its headcount of US relationship managers by 20-30% over the next three years. (WSJ)
Why is everyone who works in financial services so tall? (Wall Street Oasis)