PARIS (Reuters) - BNP Paribas' Belgian subsidiary is about to cut between 800 and 1,000 jobs following talks with unions, French newspaper Les Echos reported on its website on Thursday. The French bank's subsidiary, BNP Paribas Fortis, employs about 13,000 people and is Belgium's number one lender. Spokespeople at BNP Paribas were not immediately available for comment. Three out of four unions agreed in principle, the daily reported, adding that the bank is guaranteeing all departures will be done on a voluntary basis. The proposed accord also includes a provision under which all employees who would decide to retire or resign over the next three years will not be replaced. Unions also accepted that employees work more hours for the same pay, the paper said. (Reporting by Catherine Mallebay-Vacqueur,; Writing by Mathieu Rosemain; Editing by Alison Williams) … [Read more...] about BNP Paribas Fortis to cut between 800 and 1,000 jobs
Who’s on the move today? Deloitte Deloitte has appointed Chris Bostock as a director in its financial crime practice. With over 15 years’ experience, he joins from the economic crime team at the National Crime Agency (NCA) where he was the threat lead for money laundering. He led the joint money laundering intelligence taskforce, a public private partnership between the NCA and over 45 other public and private institutions. Previously Bostock worked for the Serious Organised Crime Agency and the National Criminal Intelligence Service in a range of roles focusing on economic crime. This hire is part of the continued growth of Deloitte’s financial crime and cyber security practice, including employing an additional 500 people across Europe. Tom Scampion, partner and financial crime lead for the EMEA region at Deloitte, said: “Chris is a high profile leader in financial crime prevention in the UK, with a wealth of practical experience and an impressive network at … [Read more...] about City Moves for 19 February – who’s switching jobs at Deloitte, Personal Group and BNP Paribas?
By Inti Landauro and Matthieu Protard PARIS (Reuters) - France's largest listed bank BNP Paribas lowered its profitability and revenue growth targets for 2020 after adverse financial markets hit revenues in the fourth quarter of 2018. BNP Paribas was now expecting a return on equity of 9.5 percent in 2020, down from a prior target of above 10 percent. The bank also lowered its revenue growth target to 1.5 percent per year between 2016 and 2020, from a prior 2.5 percent target. The bank downgraded its expectations after revenue fell 1.5 percent in 2018 to 42.52 billion euros (£37.5 billion). In the fourth quarter revenue fell short of market expectations, coming in at 10.16 billion euros. Analysts surveyed by Infront Data forecast revenues at 10.33 billion euros. Revenue in the fourth quarter of 2017 was 10.53 billion. Net profit was slightly above market expectations at 1.44 billion euros, compared with an expected 1.41 billion euros, and marking a marginal increase from fourth … [Read more...] about French bank BNP Paribas lowers targets after weak fourth quarter
LONDON (Reuters) - BNP Paribas on Wednesday advised clients to retain their long position on sterling, sticking to its prediction that Britain's departure from the European Union would be postponed even if a deal were agreed. Lawmakers on Tuesday demanded that Prime Minister Theresa May return to Brussels to renegotiate the Brexit deal in order to replace the so-called Irish backstop, potentially putting her on a collision course with the EU. BNP Paribas said however its base case was unchanged, advising staying "long" sterling. "The can has merely been kicked down the road. MPs will have to decide again on 14 February whether to accept the deal on the table, leave with no deal, or extend Article 50. We think the latter will prevail," they added. (Reporting by Sujata Rao, editing by Dhara Ranasinghe) … [Read more...] about BNP Paribas
Who’s changing roles today? Perkbox Perkbox, Europe’s fastest-growing employee experience platform, is today announcing the appointment of Jacques Stern, previously global chief executive of Edenred (2010-15), as a non-exec director on the Perkbox Board. Jacques ran the Edenred business operating in 40 countries with 6,000+ employees and over £1B in annual revenue between 2010-2015. Since then he has moved on to become the chief executive & president of Global Blue SA, the global leader in tax-free shopping that operates in 52 countries worldwide. Just in the last year, Perkbox has been named UK’s 4th fastest growing business, launched a range of new products, expanded internationally and invested heavily to treble its UK-based software development team. Perkbox will be launching into several additional international markets in 2019. Jacques’ experience as global chief executive guiding Edenred will be valuable to the company. As a board member, he will … [Read more...] about City Moves for 22 January – who’s switching jobs at Perkbox, BNP Paribas and GPP?