Late Lunchtime Links: BNP just wants to get the remaining 40% of its job cuts over with so that it can look to the future

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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.


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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)

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