Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Investing.com -- BNP Paribas SA (ETR:BNPP)’s CEO, Jean-Laurent Bonnafe, has laid out a plan to reduce the number of domestic retail branches as part of a strategy to improve profitability, according to Bloomberg, citing insiders familiar with the matter.
The first phase of the plan involves closing approximately 80 branches this year and an additional 120 branches in the following year. The insiders have indicated that the total number of employees in the branch network is expected to decrease by 5% annually. However, the bank will increase the number of employees in its online and phone banking services.
Discussions with labor unions, which were initially informed about the business strategy in March, are expected to continue in the upcoming days. The bank plans to offer new roles to affected employees and hopes to avoid layoffs through natural attrition, according to sources familiar with the matter.
In an email statement, a spokesperson for BNP Paribas (OTC:BNPQY) confirmed the bank’s commitment to its employees. The spokesperson told Bloomberg, "We presented in March an ambitious growth plan to trade unions that outlines a strategic roadmap and related investments for our Commercial & Personal Banking in France. Every employee of the bank has their place in this project."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.