Baudoin Prot, the CEO of BNP Paribas, announced cuts to a “significant” number of investment bankers today.
“[We will cut 10% of our assets,] essentially at our corporate-and investment-banking platforms…It will be a significant magnitude, but without reaching at all the figures announced by other banks, especially Anglo-Saxon ones.”
The firm is trimming 10% of their assets amid market turmoil that is particularly hitting French banks, as they are the ones that are the most exposed to Greece.
Prot made the statement after announcing earlier today that he didn’t go to a Middle Eastern investor looking for an investment. There were rumours that the firm was looking for a capital injection but Prot said the firm is well capitalised.
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